On Wednesday, Netflix has officially started its business in India, where its plans start from Rs. 500/month. This basic plan of Rs. 500 gives only SD content and it has its limitation of single user. The Rs. 650 plan offers HD content on 2 screens at the same time while Rs. 800 plan gives 4K content for up to 4 screens at the same time.
Netflix has set a target of starting its business in 200 countries by the end of year 2016, as it is experiencing the pressure of slow growth in the domestic market. It gives its users the option of accessing through an app on a smart TV, smartphone, tablet, streaming player or videogame console.
Netflix has not only entered Indian market but also made an entry to other markets in Asia, Europe and the Middle East. There was a speculation that Netflix will be launched in India and now it has come true. The shares of Netflix were up by 5.5%, trading at $113.60 in the early afternoon trading session.
On the launch, Netflix CEO Reed Hastings stated, “Today you are witnessing the birth of a new global Internet TV network.” He further said, “with this launch, consumers around the world — from Singapore to St. Petersburg, from San Francisco to Sao Paulo — will be able to enjoy TV shows and movies simultaneously — no more waiting. With the help of the Internet, we are putting power in consumers’ hands to watch whenever, wherever and on whatever device.”