There is a lot which has been recently happening with the highly popular streaming company Netflix. Earlier this year, it was reported that Netflix had dropped its basic ad-free plan ($9.99) in the US and the UK markets for new and rejoining members. The move ostensibly implied that Netflix wanted its customers to opt for its ad supported plan with a monthly price of $6.99.
And it looks like the recent efforts being made by Netflix are paying rich dividends to the OTT giant. Because, as per the latest report, Netflix’s ad-supported plan has surpassed a whopping number of 23 million monthly active subscribers globally, indicating the growing popularity of the plan across the globe. And it’s a significant increase of around 8 million if we compare it with the November 2023 figure of 15 million active users worldwide.
The latest monthly subscriber figure strongly suggests that the OTT / streaming business can be a profitable undertaking provided that one takes the right decisions at the right time and understands the target OTT market(s), amongst other factors.
The ad-based plan was introduced by Netflix in twelve markets such as the United States, Canada, Australia, Brazil, France, Italy, Germany, Japan, Korea, Mexico, Spain, and the UK back in November 2022. The main aim was to focus on an increased total number of subscribers and Netflix is doing well so far in this regard.
In the Indian OTT industry context, Netflix’s ad-supported plan is yet to be introduced in this part of the world. Considering the aforementioned positive development, Netflix might soon plan to implement the same in the Indian market as well. Stay tuned to Binged for the latest updates on the same.