Online video streaming platform Netflix is looking to develop premium content in India and distribute it globally, its Chief Executive Officer Reed Hastings said on Friday. He said that a reason for investing in India is stable regulatory regime and allowing self-regulation for over-the-top players such as Netflix.
"So many great storytellers are there in India. We are just investing in using those and exporting. Internet does many things but one of them allows Indian content to be shared around the world," Hastings said. He was speaking at a panel discussion organised by his company with Bollywood actress Huma Qureshi.
He said the company is investing Rs 3,000 crore to develop content, and Indian content is being watched around the world. "We have had successes of Laila and Sacred Games all around. A cute little one is Mighty Little Bhim -- that's great Indian little character. Now, we have made a little series which is subscribed and being watched by 27 million households," Hastings said. He said Mighty Little Bhim is being watched across Brazil, Canada and other countries.
"Such an opportunity here to be like the UK. The UK exports tremendous amount of content. What we are trying to invest here. It has been in movies but premium series like Laila and Sacred Games have been under development," Hasting said. The company for the first time started subscription service in India for low price of Rs 199 to get more audience for the platform. Netflix said the government has given freedom to OTT players for self-regulation.
"You can never take freedom for granted. Part of the reason we are excited about doing this Rs 3,000 crore investment is because of stable regulatory environment," Hastings said.