Since the economic reforms of 1992, India has been touted as a sleeping giant of global business. Just look at the facts, we have a population of over 1.3 billion which also happens to be the world’s youngest population in terms of average age. Naturally, the young masses will need jobs and eventually demand materialistic pleasures that they would pay for with said jobs. It has been assumed that even if a company captures 10% of the Indian market, it would gain more than 100 million customers. The success of mobile internet in the last decade has further brought awareness about products and lifestyles.
For international companies that have already saturated markets of America and Europe, these statistics about India brought hope for creating their solid footing in Asia and finding their next 100 million consumers.
However, last month, entertainment giant Netflix posted successive losses in their India operations. The company has been struggling to get subscriber numbers up even after reducing subscription charges to a fraction of what they charge internationally. This re-ignited the conversation on whether India is actually a business pitfall, masquerading as a business opportunity.
In today’s video, we explore why global giants fail to capture the Indian consumer’s imagination.
Timestamps:
0:00 - Intro
0:50 - The myth of 100 million consumers
1:56 - Netflix
3:48 - Indian Consumer Mix
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