Netflix cited a partnership with Reliance Jio as a highlight of its Q3, noting it is part of a broader strategy to boost usage by delivering content tailored to local audiences.
In a shareholder statement, the streaming company noted it launched a bundle for Jio’s mobile and fibre broadband packages during the period, part of a “broad partnership” with the operator and a “big investment in local originals”, along with providing a Hindi version of its UI.
It also highlighted partnerships with Indian financial institutions aimed at simplifying payment processing, while noting the Asia-Pacific region as a whole was the biggest driver of paid memberships during the quarter, accounting for 46 per cent of its total.
However, overall paid net additions of 2.2 million fell short of the 2.5 million it predicted and was well down on the 6.8 million signed up in Q3 2019.
Netflix stated it was a victim of its own success following a “record first half” and “the pull-forward effect” following subscription increases linked to Covid-19 (coronavirus) pandemic. But it expects the subscriber growth weakness to continue in the current quarter and into H1 2021.
Net profit in Q3 rose from $665 million to $790 million, with revenue of 6.4 billion up from $5.2 billion.Subscribe to our daily newsletter Back