Video streaming platform Netflix has announced a strategic multi-year partnership with Ritesh Sidhwani and Farhan Akhtar’s Excel Entertainment.
The production house has offered Bollywood ventures including Dil Chahta Hai, Rock On, Zindagi Na Milegi Dobara, Lakshya, Toofaan and the Don franchise.
Under this partnership, the production house will produce a variety of stories under its series banner Excel Media & Entertainment for Netflix members.
In India, it is estimated that Netflix has around 4.6 million until June this year subscription video on-demand (SVOD) subscribers, according to data by Media Partners Asia (MPA), an independent provider of research, advisory and consulting services.
The report expects the platform’s subscribers to increase to 5.5 million by December this year.
While Excel Entertainment will be offering multiple long-format content to Netflix under the new deal, it will start with two new projects including Dabba Cartel and Queen of the Hill.
Along with Netflix, other over the top (OTT) platforms are also ramping up their content portfolio.
The MPA report notes that key players will continue to invest in local content while leveraging sports, movies and aggressive consumer pricing to drive growth.
While Disney+Hotstar will have a sports-heavy calendar, thanks to the Indian Premier League (IPL), Amazon Prime Video will bank on regional content. As for Netflix, it has planned 41 original releases in 2021.
MPA expects the video OTT market to invest $1 billion in content in 2021. In this, acquired and commissioned local originals account for 30 percent. This share will increase to 40-45 percent in the future.
With streaming platforms adding more content, MPA expects that more Indians will subscribe to OTTs.
While in 2020, the number of subscriptions for video on-demand platforms reached 57 million, it is expected that by the end of this year, the number of video OTT subscriptions will reach 89 million.
In addition, direct-to-consumer (D2C) SVOD subscriptions will grow to 193 million by 2026. SVOD revenues are expected to grow from $0.8 billion in 2021 to $1.8 billion by 2026.