Amid a steep decline in subscribers, Netflix Inc's (NASDAQ: NFLX) Indian arm has reportedly decided to drop 90% of upcoming local web series and movies.
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What Happened: Netflix has decided to revamp its India content scheduled for release in the near future, entertainment website Bollywood Life.com reported on Thursday, citing an anonymous source.
The company now wants to pivot to a more commercial approach to its content as against its current "serious, dark, artistic path," the report quoted the source as saying.
Netflix India was not immediately available for comment.
Why It Matters: Netflix has been struggling for a while in India, and in December slashed the prices of its streaming services in the country for the first time since launching five years ago.
CEO Reed Hastings during the fourth-quarter earnings call in January accepted that the company is facing headwinds with the number of subscribers in India.
Netflix faces serious local competition from Amazon.Com Inc’s (NASDAQ: AMZN) Prime Video and Walt Disney Co’s (NYSE: DIS) Disney+ Hotstar, among others.
The company recently partnered with India's central government to launch a short video series – 'Azadi Ki Amrit Kahaniya' – to commemorate the 75 years of Indian Independence under a state initiative.
Asia-Pacific, however, remains a glitter of hope, although the region also saw a decline in the number of paid users but remains better in comparison to other key regions.
See Also: Netflix Inks Deal With Japanese Anime Studio To Woo Asian Audiences Amid Slumping Numbers
Price Action: According to data from Benzinga Pro, Netflix shares closed 4.97% lower on Thursday.
