The information was given by Netflix co-founder and CEO Reed Hastings while speaking at the 17th Hindustan Times Leadership Summit in Delhi on 8 Dec.
He said: “We are developing our Hindi and local content here. This year and next year, we will spend about Rs 3,000 crore developing content. So you will start to see a lot of stuff hit the screen. We have got about 100 employees in Mumbai… We are really trying to invest in becoming more Indian in the content offering.”
He added, 5 or 10 years are really going to be the golden age of television”. “You are seeing unbelievable and unrivalled levels of investment… We are seeing more content made than ever before.”
On universal appeal, he said: “Sacred Games travelled around the world, people were really interested and excited around those stories. We have Mighty Little Bheem. Over the last year, over 27 million households outside of India have started watching it.”
On Apple TV+ and Disney+, he said: “Now, there’s Disney and Apple, and many more. But we are very used to all that competition. We are constantly, all of us, trying to figure out how to please consumers. And that is what is creating investment.”
On sharing data Reed said, “It’s not mixed with anybody else; it doesn’t have other purposes. We are not in the advertising business where we are trying to exploit different behaviours to sell you things.”
On regulation, he said: “Some people do think that the broadcast standard should apply to YouTube or Netflix or Amazon but it doesn’t really make sense. On the internet, you click and you choose each show, so there is much more openness to content that way. The people in homes are in control of that.”
He approved self-regulation and said that it is a pragmatic solution as far as OTT players are concerned.