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December 6, 2019 02:14 pm

Netflix Is Spending $420 Million on Indian Content, CEO Says

Netflix is plowing 30 billion rupees ($420 million) this year and next to produce more local content in India, one of the biggest and most-crowded markets for the worldâ(TM)s largest paid streaming-service provider. From a report: "You'll start to see a lot of stuff hit the screen, big investment," Chief Executive Officer Reed Hastings said at an event in New Delhi on Friday. "We're really trying to invest in that becoming more Indian in the content offering." The Los Gatos, California-based company is jostling with other giants such as Walt Disney Co.-owned Hotstar and Amazon.com Prime for a slice of the growing market as more Indians use smartphones to view videos. The companies are offering relatively cheaper packages to lure paying subscribers in a country used to free YouTube offerings. Hastings has said Netflix's goal is to attract 100 million customers in India -- almost 25 times its estimated subscriber base there as of this year. The world's second-most populous country is a priority for company, which is effectively blocked in China. Disney's Hotstar, which is already the leader in India, will get a boost soon when the entertainment giant eventually introduces Disney+, a new streaming service it started last month in some markets.

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