India emerges as second-largest market for Netflix in Q2
India has emerged as the second-largest market for Netflix in terms of net paid subscriber growth, contributing to the addition of over eight million new global subscribers in the second quarter. The country also secured the third position for percent revenue growth. Netflix reported a record $9.6 billion in revenue, marking its highest year-on-year (YoY) increase at 16.8% over four quarters. Theodore A Sarandos, co-Chief Executive Officer of Netflix, underscored India's significant growth potential during the company's Q2 earnings call.
Indian drama series 'Heeramandi' tops viewership
The surge in net paid subscribers and revenue in India was propelled by popular titles like Heeramandi: The Diamond Bazaar and Amar Singh Chamkila, along with licensed films such as Laapataa Ladies and Shaitaan. Heeramandi: The Diamond Bazaar, directed by Sanjay Leela Bhansali, has garnered 15 million views, making it Netflix's most-watched drama series in India to date.
Increased net income and global membership growth
In Q2, Netflix saw a 16.5% YoY increase in global paid memberships, rising to 277.65 million from 238.39 million in the same period last year. In the Asia Pacific region, the company added 1.53 million new subscribers. Additionally, its global streaming paid net additions surged by 36.7% YoY. Netflix reported a net income of $2.15 billion, or $4.88 per share for the quarter ending in June, up from $1.49 billion, or $3.29 per share, in the same period last year.
Netflix's ad-supported tier accounts for 45% of sign-ups
Netflix's ad-supported tier membership saw a 34% quarter-on-quarter growth. Released 18 months ago, it now accounts for over 45% of all sign-ups in company's ads markets.
