Eyeing competition in India Netflix to partner with Viacom18
As the OTT platforms are gearing up and dominating the Indian entertainment sector with the pandemic hit cinema shutdown, the Indian market is an attractive opportunity for digital streaming platforms. To grab the expansion prospects in India, Netflix is eyeing a partnership with Viacom18.
Netflix, the US based video streaming application is in talks with Reliance Industries’ media unit Network18 for an extended partnership.
The Reuters reports revealed that the partnership would include Network18 affiliates to create shows for Netflix keeping in mind the Indian market to help it expand the base in the country. Network18 includes ViacomCBS and Viacom18.
With the pandemic hit shutdown already in the third month in India, Indian entertainment sector is experiencing a boom in the OTT platforms as the main revenue gaining prospects in the sector. Netflix with its plans of expansion in India, is targeting the competitors Amazon Prime and Hotstar Disney who are dominating the Indian market at present.
The talks are reportedly in initial stages of agreement between the companies with no clarity on the financial details as of now.
The report by Reuters said, “While the new shows will be used only by Netflix, that does not mean Network18 and its affiliates will stop creating shows for other platforms.”
Netflix is a popular streaming app worldwide with having produced Netflix Indian originals like Sacred Games, Betaal and Choked. The prices of Netflix are however higher priced as compared to Amazon Prime and Disney Hotstar in India.
The OTT (over-the-top) streaming platforms in India have experienced a massive surge in last few years, with special hike during lockdown. There are over 30 OTT media in the country including Zee5, ALTBalaji, Voot, Disney Hotstar, Netflix and Amazon Prime. India’s online video streaming market is estimated to reach $4 billion by 2025.