Streaming giant Netflix recorded its highest-ever quarterly paid net subscriber additions in India in the September quarter of 2026, crediting a strong local content slate and its first transaction-based loyalty bundle with Flipkart.
Revenue in India grew about 18% YoY on a foreign exchange-neutral basis, which excludes the impact of currency movements, Netflix said in its quarterly shareholder letter. Viewing hours rose 24% YoY, while viewing hours per member increased by a low-to-mid single-digit percentage.
Netflix did not disclose the number of paid net additions in India or how many came through the Flipkart partnership.
During its Q3 earnings call, co-CEO Greg Peters pointed to India as an example of how locally produced titles were translating into higher engagement, membership growth, and revenue.
Local Content Drives Engagement
Lock Upp, Netflix’s first daily reality series, recorded more viewing hours in India than any other title on the platform, measured over its first 91 days.
The scripted series Musafir Cafe recorded 9 Mn views, while Operation Safed Sagar clocked 11 Mn views.
The India performance formed part of broader growth across Asia-Pacific, Latin America, and Europe, the Middle East, and Africa. Peters said local titles in these regions were driving engagement and business growth.
He also said Netflix’s subscriber retention remained healthy across regions. Globally and in the US, churn – the rate at which subscribers leave the service – improved YoY in Q3 and was lower than the company had forecast.
Globally, Netflix reported revenue of $12.87 Bn in Q3 2026, up 12% YoY. Operating income rose 37% to $4.46 Bn, while its operating margin expanded to 34.6% from 28.2% a year earlier.
For 2026, Netflix expects revenue of $51.1 Bn, representing 13% YoY growth.
Neumann said membership growth, pricing, and advertising were expected to support strong revenue growth in 2027, although the company had yet to issue formal guidance for the year.
Netflix also plans to introduce its advertising-supported subscription tier in 15 additional countries in 2027, with the first launches scheduled for March.
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