India's storytelling culture and hungry audience make it a huge market
Hyderabad: Hyderabad is one of the key destinations for global investors and foreign tourists alike, thanks to its vibrant business ecosystem and rich culture. Now Tollywood’s penchant for larger than life movies mounted on humongous budgets is attracting global entertainment moguls to this pearl city.
When Netflix Co-CEO Ted Sarandos visited Hyderabad and met actors in the Telugu film industry, there was nothing to be surprised about. His knowledge about Telugu movies like Kushi and RRR during his recent visit to Hyderabad showed the global entertainment major’s focus on the Telugu entertainment industry.
In an exclusive conversation with select journalists, the Co-CEO of the OTT shared his insights on why India is the fastest growing market for Netflix and his team’s assessment that India could be the next trend-setter in the industry after the Korean craze.
He said the growth of the Indian economy has resulted in more people spending on streaming services.“The fact that the Indian audience consumes content on internet-supported TV, has directly helped Netflix grow further.”
"Netflix India has experienced phenomenal growth and is committed to India and is investing for the long term," said Ted Sarandos.
He said India saw the highest paid net additions of any country, globally. This was perhaps buoyed by Netflix mobile only subscription plan at Rs 149 for India. "We saw 30 per cent year-on-year (YoY) growth in total view hours driven by local and global stories, and a 25 per cent YoY revenue growth," he explained.
Commenting on India's consumer behaviour, Ted said the Indian viewers have an international taste, and enjoy content from Japan, Korea, etc. in a language familiar to them.
What made India click for the OTT giant? Well, Netflix realised the power of local and authentic storytelling for success. India being a land of diversity in culture, food and people, the stories only get that much more interesting, asserts Ted.
"People turn to shows or movies on an OTT platform to either connect with it or escape from the routine. So the more authentic the storytelling, the global sensation it would become," he explained.
India's storytelling culture and a hungry audience is what has made it one of the fastest growing markets for OTTs.“The viewership of South Indian language content has risen by 50 per cent from last year, showcasing immense potential to grow further,”he added.
Explaining the reason behind his visit to the city, the Co-CEO of Netflix says, "We are excited to be here in Hyderabad. We are in a phase of learning and we want to use this opportunity to do more in south India."
“Rana Naidu starring Venkatesh and Rana Daggubati, was one of the most successful Netflix original series,” informs Monika Shergill, Vice President - Content, Netflix India. The Hindi version of SS Rajamouli's RRR was on Netflix's global top 10 for 18 weeks across 64 countries and topped India charts for 22 weeks. So, it doesn't come as a surprise that Netflix is looking to scale up its presence in South India and is expected to soon announce original content in South Indian languages.
"We do it by partnering with world-class talent — including new voices who’ve never had the chance to be heard before — giving them the freedom and support to tell their best stories. Our partnership with them is the single biggest reason we’re able to bring fresh, original storytelling to our members," concludes Ted.
When asked if he had got to try the south Indian food in Hyderabad, Ted said he simply loved gorging on Biryani even though it was spicy.
