Doipayan Bhattacharjee

Is Netflix enjoying the First Movers Advantage? APO Group 1 Section F Amit Kumar Maurya:- Devanshi Gupta:- Doipayan Bhattacharjee:- Karthik Subudhi:- Sanchit Gupta:- Shiv Shakti Kumra:- Submitted to: Prof. Juhi Galot Sarkar Table of Contents 1. Abstract........................................................................................................................................... 4 2. Introduction .................................................................................................................................... 4 3. Literature Review ........................................................................................................................... 5 Industry Dynamics .............................................................................................................................. 5 Competitive Dynamics ....................................................................................................................... 6 Netflix ................................................................................................................................................. 7 Introduction .................................................................................................................................... 7 4. Methodology .................................................................................................................................. 9 Sampling Techniques.......................................................................................................................... 9 About Questionnaire .......................................................................................................................... 9 Measurement Techniques Used ........................................................................................................ 9 5. Results and Analysis ..................................................................................................................... 10 Sampling Profile ............................................................................................................................... 10 Buying Habits .................................................................................................................................... 12 Buying Criteria of the Consumers .................................................................................................... 12 Consumer Perception Regarding Various OTT Players ................................................................... 16 If Not Netflix? ................................................................................................................................... 17 Netflix ............................................................................................................................................... 17 Reasons for Decline .......................................................................................................................... 18 6. Conclusion .................................................................................................................................... 22 7. References .................................................................................................................................... 23 Table of Figures Figure 3.1 Age of consumers in India ...................................................................................................... 8 Figure 5.1 Gender distribution of sample ............................................................................................. 10 Figure 5.2 Age distribution of sample ................................................................................................... 11 Figure 5.3 Occupation distribution of sample ...................................................................................... 11 Figure 5.4 OTT usage pattern of sample ............................................................................................... 12 Figure 5.5 Perspective of sample on value of money, variety of shows and movies, video and voice quality, popularity of brand .................................................................................................................. 16 Figure 5.6 Perspective of sample on regional shows, rich content, sports/reality shows, specific shows .................................................................................................................................................... 16 1. Abstract The study aims to gain insights on how OTT platforms have performed in India, covering a broad overview of OTT Industry covering aspects pertaining to the future scope and past trends. Within the industry, incumbent players are analysed, with a special focus on Netflix and its performance over the years. From the last year, Netflix witnessed a decline in its user base despite the industry seeing an upward trend. The study was undertaken among teenagers and people aged between 18 to 40 years of age and they are the main potential customer for the industry. A self-developed questionnaire was developed to understand the usage pattern, the buying criteria and finally the reasons of people dropping Netflix as Video Service Provider. 2. Introduction The age of traditional television viewing is no longer limited to real-time viewing or the television screen in the living room. Content can be accessed and consumed from any location with the click of a button. We've seen a gradual shift in how people access video content over the years. With the availability of the Internet, various platforms such as Amazon prime, Jio tv, Netflix, and Disney+ Hotstar emerged, witnessing a steady growing in prominence and usage. These OTT Platforms have been a huge success because they cater to a large portion of the audience by fitting into their Hectic Lifestyle. When it comes to OTT revenue in India, it stood at 2.95 in year 2021 and is projected at a figure of 6.73Billion in the Year 2026. There are many factors that have contributed to the Increase in Rise in OTT Viewership. First, India has highest online consumption in the world and poses a large market for the platforms. Secondly, OTT has the flexibility to provide the content depending on the type of Consumer. One of the prominent reasons why OTT has grown its ground in India is the availability of cheap data (as of now the Internet Service Charges are amongst the lowest in the world). Thus, there is high potential market which could be leveraged for future growth prospects. Amid the nationwide Lockdown due to Covid- 19 OTT platforms have witnessed substantial Surge in terms of consumption and subscriber count. While the pandemic provided a boost to OTT Industry on the other hand Netflix has lost its foot to its competitors and we will be analyzing what are the possible causes for this and why Netflix as a Video Service Provider is declining while the industry seeing an Upward Trend. 3. Literature Review Industry Dynamics Because of the increased time, creating more regional content, Live streaming of games and shows, cheap data packs, relaxation in censorship etc. All these led to not only the rise of the major OTT players whereas other players like Zee5, Jio cinema & Sony Liv also have To much of our surprise Reliance Entertainment pioneered into the OTT business with BigFlix in the year 2008 followed by Digivives Indians first mobile OTT application nexGTV in 2010, which streamed the Indian Premier League. But they were unable to capture the market as it had not developed by then. Data and smartphones were also not cheap and hence failed to reach the masses. But with time the trends changed and Indian OTT market also experienced a boom. In recent times, the OTT market in India has witnessed a huge surge in its subscriber base. The growth in this market is surreal with subscribers count of 21.4 million in January 2020 to 29 million in July 2020. In just 6 months, there has been an addition of 7.6 million new users. The rapid growth in this market can be credited to better internet connectivity, availability of cheaper smartphones and leisure time in the hands of its users. With every passing day we can see an addition of a new player in the market which has now reached to a tally of 40 such OTT platforms. The major factors affecting this surge are availability of exceptionally cheap data packs offered by telecom companies like JIO which has made streaming videos the best possible way of spending leisure time. Secondly with developing technologies the smartphones are now way cheaper than they used to be a decade ago. And the most recent contributing factor to this surge is Covid, because of which people were unable to go out of their houses. Hence, they started consuming content from the comfort of their home using the OTT platforms The Indian market was dominated by players like Disney+ Hotstar, Netflix and Amazon Prime Video few years back, but now with an increase of 30% users in the last fiscal year. There are more players coming in like SonyLiv, ALTBalaji and Zee5, who are also targeting the regional language market. The penetration of the OTT platform was limited to the Tier I cities but now it has got hold of the Tier II and Tier III cities as well. The market has now more players and is more competitive, all the major players have realised the need to diversify their offerings and are on a relentless expedition for rich and diverse content. The recent example is that of Netflix roping in Kota Factory season-2 which was streamed in YouTube 3 years ago. According to a report published in IBEF the Indian OTT market is likely to reach a revenue generation of 3.22 billion US dollars by 2025 from a mere figure of 576.73 million US dollars in 2019 and by 2023 the subscriber count is also projected to increase to over 500+ million users. At a glance, these projections look superficial but judging by the trends in the market and the growing demand for content in OTT platforms these figures look quite achievable. Competitive Dynamics The Competitor Dynamics for Netflix has changed considerably over the years. The major competitors are Amazon prime, Disney+ Hotstar and other platforms like Zee5, Jio Cinema & Sony Liv. Up until the pandemic many OTT players were trying to capture the market share and the pandemic has helped in driving up the market share of these OTT platforms by considerable amount. The Q2 2020 results showed that Netflix and amazon had a 20% market share while Disney+ Hotstar had a market share of 17%. The gain in the market share of these platforms a considerable market share of 9%, 7% and 4% respectively. However, over the years in 2021 there has been a considerable change in the Competitive dynamics of Netflix with there being a change in the market capture of various OTT platforms. Netflix and amazon prime market share has dropped to 18% and 19% respectively but Disney+ Hotstar has gained market share to 23%. Here it was also noticed that Disney+ Hotstar has gained considerable amount of market share but prime and Netflix have either remained stagnant or declined. The share of other platforms has also changed during this period with other players like Zee5, Jio cinema & Sony Liv also have a considerable market share of 9%, 5% and 5% respectively. Here also we can see that in the case of major players as well as in the case of other players the live streaming platforms like Disney+ Hotstar & Jio TV have gained in terms of market share this reflects the importance of live streaming of games and shows in the context of Indian market. The OTT market of India was at INR 8.33Bn in 2019 and expected to grow by a CAGR of 17% and is projected to reach INR 31.99Bn by 2025. There will be considerable growth in the OTT segment, and this will result in huge change in the competitive dynamics over the coming years. Netflix Introduction When we talk about OTT Platforms, the first name that comes to our mind is Netflix. It is a “subscription based” streaming service that produces 40% of its total library of television services and films as in-house production. It has a subscriber base of 208 million and is present globally with content produced and borrowed across all geographies. It was founded by Marc Randolph and Reed Hasting in Scotts Valley, California back in 1997. Originally, Netflix started by providing rental by mail and included DVD sales as well. Netflix slowly transitioned into the streaming services in 2007 and later debuted with its first series “House of Cards”. In 2021, it is ranked as the 8th most trusted brand across all continents. As per the research firm “Media Partners Asia”, Netflix accounts around 5 million customers in India and it happens to capture 14% of the total revenue from Online Video streaming services which is quite significant audience that likes to stream on the different online platforms. As the living standards are increasing in India, more people are moving towards premium services like Netflix which offers a wide range of segmented content for every age group so that people can take a good advantage of what they are paying for. Also, Netflix is now known to release its own original content by the name of “Netflix Originals” and it has certainly received some hype from the Indian audience as well. Netflix is now focusing on creating Country specific content in India as well to capture the Niche market that was untapped before and expands its user base at a high rate in the tier 2 and tier 3 cities as well which does not contribute much currently. When it comes to innovating new content, 57% of the existing users voted in favour of trying the same. As per below table, it is seen that when it comes to choosing Netflix as a brand, 51% of the people from the age group of 18-29 years chose the same as compared to only 36% of the people belonging to 30-39 years of age group. Significantly, category users who chooses Netflix for the content it offers, 48% of the users belonged to 18-29 years of the age group while only 36% of the people from 30-39 years preferred the same. Figure 3.1 Age of consumers in India As per bar graph above, it is seen that when it comes to choosing Netflix as a brand, 51% of the people from the age group of 18-29 years chose the same as compared to only 36% of the people belonging to 30-39 years of age group. Significantly, category users who chooses Netflix for the content it offers, 48% of the users belonged to 18-29 years of the age group while only 36% of the people from 30-39 years preferred the same. One of the major reasons for losing customers based upon our respondents was Pricing followed by Content and then availability of similar content on other sources. These are one of the key reasons for losing customer base among the surveys conducted. 4. Methodology Sampling Techniques While determining the appropriate sample from the population, we used Stratified Sampling Approach wherein we first divided the entire population into strata and then identified the strata which is the major customer for the OTT Platforms. The people within the age group of 19 to 39 years of age were the people who were major consumer of OTT Platforms content. Additionally, Convenience Sampling was used for finding the sample within the strata identified. About Questionnaire A self-developed questionnaire was made to understand consumer buying criteria and the reasons for not continuing with Netflix. The relative importance of buying criteria was ascertained using a Likert Scale which maps most important as 5 and not at all important as 1. Measurement Techniques Used The main measurement techniques used for the purpose of analysis include extensive secondary research followed by analysing the information received from the primary sources by techniques like Factor Analysis. 5. Results and Analysis Sampling Profile A sample of 92 people was taken to conduct the analysis. A typical consumer profile for our survey could be defined on gender, age, and occupation dimension. The respondents were dominated by males depicting a high proportion of male when compared to females which represent 37% of the sample. Gender Male Female Figure 5.1 Gender distribution of sample Roughly two thirds of the respondents were from the age group of 19-25 years of age, followed by 16.30% of respondents from the age group of 26 – 39 years of age. These age group together form 83.70% of the respondents and thus defining the target market of the study between the age group of 19 – 39 years of age. Age Below 18 19 - 25 26 - 39 40 - 50 51 and Above Figure 5.2 Age distribution of sample Based upon their work, our major respondents are students (69.60%) followed by corporate professional (13%) and self-employed (6.50%). All these segments contribute roughly 90% of the respondents. During the study, our major focus would be towards these group of people. Occupation Student Corporate Professional Homemaker Self- Employed Teacher Retired Others Figure 5.3 Occupation distribution of sample Buying Habits Usage Pattern Others Jio Cinema TVF Play Alt Balaji Zee5 YouTube Premium MX Player Voot Sony Liv Disney+ Hotstar Amazon Prime Video Netflix - 10 20 30 40 50 60 70 80 90 Figure 5.4 OTT usage pattern of sample From the above graph, our sample group (a representation of the population), one can deduce that the top three Platforms are Netflix, Amazon Prime Video and Disney+ Hotstar. All of these platforms face a fierce competition primarily because the content within each if the platforms significantly. Approximately 93% of the respondents spend up to 3 hours daily on the OTT Platforms, which means that approximately 21 hours per week, 630 hours per month and 7560 hours per year. This is a huge potential market to explore. And the hours spent per person on these platforms will increase over a period considering the smart phone and internet penetration in the country. Buying Criteria of the Consumers For identifying buying criteria of consumers, we first look at the major attributes which consumers take into consideration while buying subscription for various OTT platforms. The attributes defining buying criteria include Pricing, Variety of Shows and Movies, Video and Voice Quality, Live Streaming, Brand Popularity Regional Show, Richness of Content, Diverse range on content including sports, Multiple user interface at one point and just the mere presence of a particular show. We use these factors to determine how much these factors can explain the buying criteria of consumers for OTT platforms. Factor Analysis is conducted to gauge whether all these factors affect the buying perception of an individual or not Moreover, all the factors mentioned are reduced to four to explain the maximum amount of variance caused in buying behaviour. Assumptions For this test to go forward, we require to check for Sample Adequacy and Bartlett’s Test of Sphericity to check correlation between the independent variables. For Bartlett’s Test of Sphericity, the hypothesis are as follows H0: The correlation between the independent variables is zero H1: The correlation between the independent variables is not zero Since, the p value is less than the significance level (0.05). Therefore, we reject the null hypothesis that the correlation between the independent factors is zero. Thus, Bartlett’s Test of Sphericity requirements are met. KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. - .001 As, the KMO’s value (more than 0.6) and Bartlett’s Test of Sphericity lies in the appropriate interval. Thus, we can go forward with this test. The variables Multiple Viewership at one Instance and the Diversity of Content offered have been dropped down as their extraction value is low and thus leads to a biased result for the dataset. Now, these extracted variables denote the variation explained by the variables extracted by the model. From, the table given below, we can see that 92.2% of its variability is explained by Pricing indicating to the Indian Price Sensitive Market. The other major determinants of buying factor include Brand Popularity, Presence of a Specific Show, Variety of Shows, Voice and Video quality explaining 72.4%, 71.8%, 71.2% and 70.5% of respondents buying behaviour respectively. These factors define the important factors consumer consider before buying a OTT subscription. The offerings of the OTT Platforms should be made in line with the relative importance of these criteria. Communalities Initial Extraction Pricing 1.000 .922 VarietyShows 1.000 .712 VideoVoiceQuality 1.000 .705 LiveStreaming 1.000 .701 BrandPopularity 1.000 .724 RegionalShows 1.000 .675 RichContent 1.000 .704 SpecificShow 1.000 .718 Extraction Method: Principal Component Analysis. From ten buying attributes identified, 2 are eliminated and rest 8 factors are reduced to 4 factors based upon their movement. The four factors are extracted on the basis of the Eigen Value generated. All the variables which have an Eigen Value greater than 1 have been extracted. Varimax method which is Orthogonal Technique is used as the correlation between the variables is negligible. Rotated Component Matrixa Component 1 2 3 4 BrandPopularity .822 .154 -.117 -.102 RegionalShows .781 .186 .115 .132 LiveStreaming .760 -.238 .255 SpecificShow RichContent .830 .181 VarietyShows VideoVoiceQuality .283 .149 .787 .164 -.157 .123 .820 -.140 .118 .750 .220 Pricing .960 Extraction Method: Principal Component Analysis.Rotation Method: Varimax with Kaiser Normalization. Rotation converged in 5 iterations. The first factor extracted is a combination of Brand Popularity, Live Streaming and Regional Shows. Higher consistency was found in these variables. The second factor includes factor like Rich Content, purchasing just because of a Specific Show like Friends, Scam 1992 etc. The third extracted factor includes Video and Voice quality and the Variety of Shows. The movements of these variables move in tandem with each other. The last extracted factor is Pricing, explaining the maximum variance in consumer buying perception. Consumer Perception Regarding Various OTT Players The survey conducted entailed analysing the perception of consumers on various factors like Value for Money, Variety of Shows and Movies etc. on the top 5 players in the Indian Market. The respondents were asked to tell which OTT Platform they consider as most appropriate for the factor mentioned. The analysis is as follows: Figure 5.5 Perspective of sample on value of money, variety of shows and movies, video and voice quality, popularity of brand Figure 5.6 Perspective of sample on regional shows, rich content, sports/reality shows, specific shows From the graphs above, one can easily analyse that Netflix is a clear leader in Variety of Shows and Movie, Voice and Video Quality, Popularity of Brand and Presence of a Specific Show. These are among the major criteria identified while extracted factor. One of the major factors that Netflix lacks amongst its peers is Pricing or the concept of Value for Money. After Netflix, Amazon Prime Video and Disney+ Hotstar are among the top three players in the markets. If Not Netflix? In order to understand the perception of individuals regarding what is the next best OTT Platform one would look up to if he/she discontinues Netflix, we conducted a survey with our respondents. From the analysis, we can clearly see that approximately 48% and 22% of the users would shift to Amazon Prime Video and Disney+ Hotstar respectively. These remain to be a significant threat to Netflix in the coming years. Netflix The OTT platforms soared in the country, people are getting equipped to digital world and slowly and gradually, a shift in Consumer’s Taste and Preference has been observed. An exponential growth has been witnessed in the industry with the shift and surging demand for the OTT platform. Netflix as a platform has seen a rise in viewership since its launch in the Indian Markets. It has been a dominant name within the industry since its launch. Netflix has predominantly remained the market leader globally. Within the Indian Markets, Netflix has lost it grounds to the competitive players including those of provider and faces fierce competition from the existing and potentially new. MARKET SHARE(%) 4% 3% 2% Disney+hotstar 5% 29% 6% JioTv Amazon Prime Video SonyLIV Jio Cinema 6% Wynk Movies Netflix 8% Voot Ozee 10% Tata Sky 23% Reasons for Decline Regional Content Netflix was the one who stepped up the game of OTT platform in India and has always been the predominant player in the market over the last few years. Regional Content is something that drives the OTT sectors in India. When we talk about Disney+ Hotstar that includes some of the Regional Shows such as “Mahadev”, “Jodi”, “1962” are some of the regional contents which Disney+ Hotstar have curated to cater the consumers. Similarly same is the case with Amazon Prime Video where it created Amazon Obhijaan (Bengali), Bhaagmaathie (Telugu), Bioscope (Malayalam). This type of Content basically shows their commitment to serve the people coming from Different cultures. When we Compare Netflix with this, we find that Netflix have just couple of regional content few of them as Dhh (Gujarati), Asees (Punjabi), Mayurakshi (Bengali). Netflix still needs to work on creating more regional content as their content is very less in number when compared to its competitors. Pricing Model India is a price sensitive market which means that price is major determinant while buying subscription for various OTT Platforms. The pricing policy adopted by Netflix within the Indian markets is not aligned to the needs and requirements of the Indian potential market. The pricing of Netflix is very high when compared to its competitors like Amazon Prime, Disney+ Hotstar etc. The Indian Consumers is not able to justify the high cost if these platforms due to the availability of cheap plans offered by the competitors. In other terms, they don’t find the Value for Money for the subscription proposition. The most basic pack for Netflix for viewing on laptop is Rs. 500 monthly while other platforms like Disney+hotstar offers monthly subscription at the Rs 200. To establish a strong foot within the markets and for future growth, pricing policy of Netflix needs to revised keeping in mind a typical Indian Consumer. Diverse Content Offering India is a diverse country with people coming from different background bringing in together the various types of cultures. Indians love if they can relate to their culture and this where the Netflix has not shown any sort of Progress. While the Industry continued to rise exponentially Netflix on the other hand has seen a slow decline in India. Low availability of local content clubbed together with American Culture acts a hindrance to the growth of Netflix. Hotstar have recently acquired the have also tried to curate their content for the Local Regional languages and creating exclusive content. To create an engaging experience various competitors such as Disney+ Hotstar, Amazon prime video has been experimenting various forms of in-app interactive activities like contests or games that can be played while watching live video content. Disney+ Hotstar established watch ’n play initiative in IPL 2019. On the other hand, various other OTT platforms likewise of Disney+ Hotstar, Alt Balaji, Amazon Prime have now been exclusively working on producing regional local content also adding to it they are introducing Sachet pricing and pack durations to boost up the subscription rates in India. These are the few diverse range of practice that the various other OTT platforms are practicing building their foothold in the market and Netflix should also work upon these kinds of diverse things to curate the market. Content Piracy Netflix over the years have tried to bring Indians closer to the American Culture by bringing them various American Western Culture Shows at the table for Indians. However, there is one another bigger problem which the Netflix is facing, and which is related to the Content Piracy. Unfortunately, Netflix has been unsuccessful in maintaining the Piracy of the original Content which Netflix produced. Most of their original content is readily available on Internet which makes it difficult for them to generate revenue. Growth Netflix is going through a rough patch where its user number is declining faster then what the analysts had anticipated. The revenue still is in a growing phase but that can be accounted for because of the increase in prices of the subscription amount. Netflix showed the smallest gain during the first quarter of 2021 and was able to add only 4 million users which was the lowest in 4 years. The fall is 75% low as compared to the same time previous year where it managed to gain 16 million users when the governments across the countries started imposing lockdowns. Also, they could only anticipate the increase in new subscribers for the next quarter by 1 million as compared to 10 million last year. Ease of Lockdowns As the viewers are getting vaccinated and started going back to work, their requirement for streaming services is on a decline which had a sudden surge because of the lockdowns. The average watching time per user has also become so low that people are finding it hard to complete an average series within a week’s time as compared to previous year. Besides, people are finding other means for diversions and are going out for physical exercises which they replaced last year with watching OTT platforms and TV. People now are more health conscious and focusing on spending less time in from of the screen which has affected the average watch time of a user majorly. Pandemic Aftereffects The reassurance that Netflix is giving for the slow growth in the first quarter of 2021 refers to Pandemic Aftereffects. As during the first quarter of 2020, many shows and movies got delayed due to lockdowns across globe and hence the growth the following year. Also, Netflix faces competition from other streaming services like Disney, HBO and Apple which also gave users an edge to go for better options for the content. Currently, Netflix is enjoying the user advantage of 208 million users and is ahead of the competition but soon it has to leverage the edge to its fullest. Increasing Competition The Market share of each of the OTT service providers is given below where Disney+ Hotstar is dominating market with 29% followed by Jio Tv at 23% and Amazon prime at 10% and Netflix at 5% market share in India. Disney+ Hotstar dominates the Market in India. It recently acquired cricket league broadcasting rights on the other hand Netflix doesn’t provide such kind of services. Amazon prime video in India has become a content aggregator in India with the launch of Prime video channels which will combine other subscription driven video on demand platform available on its app and website such as Discovery+, Eros now, Manorma Max, shorts TV with add on subscription and paying for the service which they really want to choose and there will a single billing mechanism which will provide seamless experience to its customer whereas on the other hand Netflix doesn’t have any such kind of facility and hence lacks in competition. Likewise other competitors such as Alt Balaji, Jio Tv are focusing aggressively on areas where they believe customers engage the most by curating Indian Stories such as Mirzapur, Family man. On the other Hand, exclusively talking about Netflix, it has limited number of Shows to curate to the Indian Market which restricts their growth in India and their pricing isn’t compatible with Indian Consumers making it difficult for them to raise their Subscriber User base in India. Disney+ Hotstar along with the other OTT platforms poses a Strong threat to Netflix in India and to stay in competition Netflix must adopt to different kind of Strategy as others have deeply rooted in the Indians considering the Package that it has to offer. New Businesses Number of films that Netflix India has vs what the content from other countries has is significantly low. As per the data, Japan tops the list for the highest number of films (6032) available on Netflix as compared to India which is 42% more than India. When we compare the list of TV in terms of Indian content, US tops the list with maximum number (1610) which is 18% more than India. Here, many other streaming platforms like ZEE5, Disney+ Hotstar, Voot, etc. have taken the lead in creating original Indian content and are investing heftily to target the niche Indian audience. Also, other OTT platforms are developing “in-app” interactive activities like what hotstar did during IPL 2019 by incorporating “watch-n-play” feature that gave viewers a chance to predict the score and win prizes. Adding to this Netflix still is not considering adding Live Shows and Podcast as a means of new revenue generating source. 6. Conclusion The data from the survey and analysis using the secondary data reflects that there has been a considerable decline in market share of Netflix in comparison to previous year. The main reason for the same according to survey was the features like Multiple viewership, price, diversity of content. The secondary data also attested to the same fact and highlighted other factors such content piracy, increased competition and the arrival of various new business entrants into the market. Netflix needs to work out various strategies taking into consideration the consumers perception and being wary of its competitors. With the advent of the pandemic there has been huge growth and enormous future growth aspects as well. Netflix needs look into underlying opportunities and devise strategy in accordance with the consumer needs of the country to achieve the same. 7. References 1. Institute of Management Technology, Ghaziabad (imt.edu) 2. OTT (Over-the-Top) Market Size 2021 Industry Demand, Participation, Global Trend, Industry News, Business Growth, Update Of Major Players, Business Statistics And Research Methodology Against Forecasting To 2030 - MarketWatch 3. Netflix’s pandemic-fueled subscriber growth slows, shares drop sharply - Business News (indiatoday.in) 4. Netflix India vs the world: movie & TV libraries compared - finder India 5. Netflix - Wikipedia 6. Netflix subscriber additions drop in Q2 (livemint.com) 7. Battle of subscribers: Netflix slows down in race with Disney+ Hotstar | Business Standard News (business-standard.com) 8. Regional Movies On Netflix (buzzfeed.com) 9. Why is NETFLIX unsuccessful in India? - A Numb Mind 10. 5 Reasons Why Netflix is Struggling in India | Itsfacile.com