Last Updated: 06.34 PM, Aug 04, 2022
NEW DELHI: American streaming platform Netflix has announced a multi-year partnership with filmmakers Raj Nidimoru and Krishna DK who are best known for The Family Man, a thriller streaming on rival Amazon Prime Video.
Raj & DK will be show-runners and directors of Netflix’s upcoming comedy crime thriller series, Guns & Gulaabs, starring Rajkummar Rao, Dulquer Salmaan, Adarsh Gourav and Gulshan Devaiah. The duo also produced Telugu film Cinema Bandi, currently streaming on Netflix.
“Raj & DK are one of the most original creative voices in the country. We are excited to continue our relationship with them for a multi-year creative partnership that will bring entertainment to Netflix members around the world,” Monika Shergill, vice-president, content, Netflix India, said in a statement.
Netflix lost 1 million global paid subscribers in the April to June quarter, faring better than the 2 million figure it had forecast, but paling in comparison to the 1.5 million added in the same period a year ago. Average revenue per membership (ARM) in the APAC (Asia and Pacific) region was down 2% year-on-year, it said, because of the price drop in India last December. The company that recently announced Microsoft as technology and sales partner has a lower-priced, advertising plan in the offing that will complement its existing plans and launch early 2023. There are also plans to monetize the 100 million plus households that are consuming but not directly paying for the service.
Over the last two quarters, the Reed Hastings-owned platform has attributed its slowing revenue growth to connected TV adoption, account sharing, competition, and macro factors such as sluggish economic growth and the impacts of the war in Ukraine.
Overall, the service that forecasts 1 million paid net additions worldwide for Q3 versus 4.4 million in the year ago quarter, said it foresees high impact of the unprecedented appreciation in the US dollar because nearly 60% of its revenue comes from outside the US.