According to media reports$Netflix Inc (NFLX.US) $和$Amazon.Com Inc (AMZN.US) $The platform will work with Indian production company Clean Slate Filmz to launch films and TV dramas worth about 4 billion rupees ($54 million).
Clean Slate Filmz co-founder Karnesh Sharma revealed that the company will release eight movies and TV dramas on top streaming platforms and other websites in the next 18 months. Sharma declined to provide a complete list before the official announcement.
A spokesman for Netflix Inc confirmed that they will work with Clean Slate Filmz to launch the upcoming film.
Earlier, cinemas across India were closed and filming was interrupted because of the financial and logistical crisis caused by COVID-19 's epidemic. Cinemas have reopened as the Indian government relaxes blockades and moves by companies such as Netflix Inc are a further sign that India's film industry, the world's largest producer of films, is recovering.
The blockade in the outbreak has boosted the streaming industry and increased the importance of India, a market of nearly 1.4 billion people, sparking competition among streaming giants.
Netflix Inc slashed membership subscription fees in the market last month to compete with Amazon.Com Inc and Walt Disney Company for market share in India. Netflix Inc reduced the prices of all four packages in India, with the biggest reduction in the entry-level package, from Rs499 ($6.57) per month to Rs199 ($2.60) a month, a drop of as much as 60 per cent.
Indian consumers are known for being highly price-sensitive, and Reed Hastings, co-founder of Netflix Inc, complained last week that he was disappointed that the company had failed to gain strong momentum in India.
Walt Disney Company and Amazon.Com Inc dominate the current Indian market. Amazon.Com Inc invested heavily in acquiring and producing local content in India, and Bezos, the founder of the company, said in 2020 that Prime Video performed well around the world, but no market performed better than India.
Walt Disney Company further consolidated its streaming landscape last September when the company moved Hotstar content to ESPN+ and Hulu platforms.
On the other hand, streaming giants are racing to launch localized content in various countries. Walt Disney Company announced last week that it had set up an international content group to specialize in streaming services in different markets.
Netflix Inc is undoubtedly the most successful streaming media company to implement the globalization strategy. As early as 2016, Netflix Inc began to create localized content for different overseas markets, and the South Korean TV series Squid Game, which became popular around the world last year, is a representative of this strategy.