Netflix India has announced a remarkable 49% rise in net profit, reaching Rs 52 crore for the fiscal year 2024, up from Rs 35 crore in the previous year, according to a recent report by business intelligence platform Tofler. This growth reflects the platform’s expanding subscriber base, which is estimated at 12 million.
The US-based streaming service also reported a 29% increase in gross turnover, amounting to Rs 2,845 crore, compared to Rs 2,214 crore in FY23. This surge in revenue has been largely attributed to the growing popularity of Netflix India among viewers.
However, expenses for the platform saw a parallel increase, climbing 29% to Rs 2,810 crore. This rise was primarily driven by a 32% increase in other expenses, which reached Rs 2,688 crore. Notably, costs associated with personnel were reduced by 11% to Rs 105 crore.
In a positive financial outlook, Netflix India reported a significant increase in cash and cash equivalents, which rose by 110% to Rs 861 crore.
Additionally, Los Gatos Production Services India, a subsidiary of Netflix, experienced a 122% increase in net profits, totaling Rs 91 crore. Its turnover also grew by 17%, reaching Rs 3,744 crore, primarily driven by export services. Total expenditure for Los Gatos Production rose by 16% to Rs 3,644 crore, largely due to increased content production.
In its Q3 results, Netflix highlighted that its Asia-Pacific (APAC) business led all regions with a remarkable 19% revenue growth rate. The company stated, “We’re improving our product/market fit in APAC and had a strong local content slate in Japan, Korea, Thailand, and India in Q3. As a result, our revenue growth rate in APAC (+19% year over year) led all regions.”
Netflix India’s robust performance underscores its strategic focus on enhancing content offerings and expanding its market presence in the competitive streaming landscape.
