A significant price reduction in subscription tiers in India has helped Netflix grow engagement in the country by nearly 30 percent (year on year) in the first quarter of 2023, the streaming giant has announced.

Netflix has altered our prices throughout time to match local needs and to further extend its penetration, it is lowering costs in India by 20-60 percent in December 2021.

“These reductions — combined with an improved slate — helped grow engagement in India by nearly 30 percent year on year while F/X neutral revenue growth in 2022 accelerated to 24 percent (versus 19 percent in 2021),” the company said in its March quarter earnings late on Tuesday.

Netflix dropped pricing in an additional 116 countries in Q1 after learning from its success in India, IANS reported from New Delhi.

“While they accounted for less than 5 percent of our FY22 revenue, we believe that increasing adoption in these markets will help us maximise our revenue in the long run,” Netflix stated.

During the first quarter of 2023, the company’s sales were $8.16 billion, which was somewhat lower than the market’s estimates.

However, the company’s first-quarter earnings of $2.88 per share were better than predicted.

APAC revenue grew 2 percent year over year and average paid memberships increased 17 percent.

“Given our current healthy performance and trajectory of our per-member advertising economics, particularly in the US, we’re upgrading our ads experience with more streams and improved video quality to attract a broader range of consumers,” the streaming platform explained.

Netflix stated that it is on track to reach its financial goals for the fiscal year 2023.

“We forecast $8.2 billion in revenue for Q2 2023, up 3 percent year on year,” Netflix stated.