(MENAFN) The recent Oscar wins by Indian films distributed on Netflix could represent an opportunity for the streaming giant in the fiercely competitive Indian market, according to analysts. While Netflix currently has 6.1 million subscribers in India, Disney+ Hotstar has 51 million and Amazon Prime Video has 22.3 million, according to consultancy firm Arthur D Little.
“India is one of the world’s fastest-growing markets for OTT or video-on-demand platforms, a space currently seeing intense competition,” says Barnik Maitra, managing partner at Arthur D Little in India. “But it has proved to be a tough market to crack for Netflix.”
However, Netflix's recent Oscar wins could provide a boost. The documentary The Elephant Whisperers, which tells the story of a couple in south India who care for a baby elephant, won best short documentary film, while the Hindi-dubbed version of the film RRR won the Oscar for best original song for the catchy number Naatu Naatu. These were the first wins for Indian films in these categories.
“As Netflix is losing subscribers globally, the push for growth in India feels more crucial than ever,” says Mr Maitra. “It is important for Netflix to attract as many customers as possible, considering that the Indian OTT market is expected to grow tremendously.”
To better penetrate the Indian market, Netflix has adapted its strategy to focus on Indian stories rather than simply being an American streaming platform. With these recent Oscar wins, the company can build on its momentum.
“Buzz around an Oscar win can help content jump such boundaries and find cross-geo reach,” says Utkarsh Sinha, managing director at Bexley Advisers, a Mumbai-based boutique investment bank. “The Elephant Whisperers could well be the gateway ‘drug’ that introduces international audiences to Indian content.”
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