Netflix Records Highest Paid Subscriber Net Additions in India for Q3

Netflix has announced its largest quarter ever for paid net subscriber additions in India during the third quarter. The growth was supported by strong content performance, a transaction-based loyalty bundle with Flipkart, and an 18 percent increase in local revenue.

Streaming major Netflix reported its largest quarter ever of paid net subscriber additions in India during the third quarter. The growth in the region coincided with the company executing its first transaction-based loyalty bundle with e-commerce platform Flipkart.

According to the company's financial disclosures, viewing hours in India grew by 24 percent annually, while view hours per member increased by low-to-mid single digits during the quarter. India revenue for the country also saw an 18 percent increase year-over-year on a foreign exchange and content slate basis.

In its shareholder letter, Netflix highlighted the performance of its local content strategy. The company stated that a strong content slate, led by its first daily reality series Lock Upp, drove the highest viewing figures of any title on Netflix in India to date.

Additional titles cited by the company included the new scripted series Musafir 4 Cafe, which accumulated 9 million views over three months, and the Operation Safed Sagar series, which recorded 11 million views within the same timeframe.

During the earnings call, Gregory K. Peters, Co-CEO, President and Director of Netflix, remarked on the strong performance of the Indian market. Peters noted that India performed well on a per-member basis and served as a strong example of how the core business model operates when member value translates into desired business outcomes.

On a global scale, Netflix reported a 12 percent year-over-year increase in Q3 revenue, reaching $12.9 billion. The company's operating margin stood at 34.6 percent, driven primarily by the timing of expenses. Looking ahead to 2026, Netflix projects full-year revenue of $51.1 billion alongside an operating margin of 31.5 percent.

"Netflix's performance in India during the third quarter highlights the direct impact of localized content strategy and strategic partnerships on user acquisition. By combining a targeted content slate with distribution partnerships like the Flipkart loyalty bundle, the company successfully scaled paid net additions and per-member engagement. This demonstrates that global subscription platforms can achieve sustainable growth in emerging markets by aligning local viewing preferences with scalable business models." — Dr. Shishir Gupta, Founder & CEO, StartupLanes