New Delhi: Popular online video service provider Netflix has announced its plan to nurturing the next generation of India’s creative talent through skilling and education partnerships with the Indian Institute of Creative Technologies (IICT) and the National Film Development Corporation.
The American giant said soon after its Co-CEO, Ted Sarandos met Indian Prime Minister Narendra Modi.
The firm has launched Netflix India Storytelling Initiative to support the move.
After the meeting, Modi said in a social media post that India has a rich tradition of storytelling and an extraordinary pool of creative talent, which can be leveraged to strengthen the country’s position as a global hub for content creation.
He added that they discussed the immense potential of India’s media and entertainment sector.
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Meanwhile, Netflix India has said the two leaders discussed their shared vision of taking India’s media and entertainment industry to the global stage.
Netflix shares 16 percent in India's Subscription Video on Demand (SVOD) market and tails from the market leaders such as JioHotstar and Amazon Prime Video in terms of absolute paid subscriber count, according to the INDMoney.
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Netflix's market share in India varies significantly depending on whether you look at subscription volume, revenue, or content licensing.
Netflix holds 36% of the streaming rights for major theatrical films in India while captures 25-29 percent of India's SVOD revenue.
Interestingly, the introduction of its mobile-only monthly tier significantly boosted adoption, though it continues to operate as a premium service relative to Indian competitors.
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