Netflix’s 6.5 million subscribers in India dwarf Prime Video and Disney, Bernstein said.

Analysts at AllianceBernstein said in a report to clients on Thursday that global streaming giant Netflix is ​​slow to expand in India despite consistently lowering subscription prices in the country. It hasn’t been successful.”

The US streamer has about 6.5 million subscribers in India, while Prime Video has 20 million subscribers in the South Asian market, analysts wrote. Disney + Hotstar continues to dominate the market with over 40 million subscribers.

AllianceBernstein blamed Netflix’s slow growth in India on a lack of local content, saying only 12% of the global streamer’s titles in India are local. By comparison, about 60% of India’s Prime Video catalog was in local languages.

Netflix’s poor reputation in India comes despite the fact that it has consistently lowered its prices in the country, even as it has effectively raised prices in every other major market. In August, Netflix signed a “first-ever” deal with Jio Platforms, India’s largest carrier, to bundle its streaming service with the carrier’s pay-as-you-go plan.

Data and images: AllianceBernstein

“Perhaps the lesson from India is that, as explained above, there is a need for more dense local language content and that in many emerging markets, value is less about the value of a service than how it compares to other streaming services. India, for example, is likely the largest market for YouTube and could be a key growth region for social media names. ”, the analysts wrote.

Netflix did not respond to a request for comment.

Disney’s Hotstar continues to dominate its competitors in India thanks to its cricket streaming service, consistently attracting millions of live viewers during matches. The platform is offering free streaming of the ongoing ICC Cricket World Cup, which will be held for 45 days, to all mobile users. Billionaire Mukesh Ambani’s latest venture, his JioCinema, is overhauling Disney’s strategy to acquire rights to high-profile cricket matches and increasingly emerging as a formidable competitor. There is.