Netflix reported the largest quarter ever of paid net additions in India for the third quarter. | Photo Credit: FRANCIS MASCARENHAS

Netflix reported the largest quarter ever of paid net additions in India for the third quarter, combined with the company’s first transaction-based loyalty bundle with Flipkart.  

View hours in India grew 24 per cent annually, while view hours per member grew low-to-mid single digits in the quarter. Further, the India revenue for the country also increased 18 per cent year over year on a foreign exchange and content slate basis.  

Speaking about the performance this quarter in its shareholder letter, the company said, “We execute well on our core strategy – our business in India in Q3 is an example. We delivered a great slate led by Lock Upp, our first daily reality series, which drove the most viewing of any title on Netflix in India ever.“ 

Other shows mentioned were the new scripted series Musafir 4 Cafe, clocking 9 million views in three months and Operation Safed Sagar series with 11 million views in the same timeframe. 

During the earnings call, Gregory K. Peters Co-CEO, President & Director, Netflix noted how India had a strong slate with a couple of titles “really performing.“ India was also up on a per member basis. 

“That’s a great example of how the core model works. We deliver on member value, and we get the business outcomes that we are looking for,” said Peters. 

Overall, the company reported a 12 per cent growth in Q3 revenue year over year to $12.9 billion, with operating margin at 34.6 per cent primarily due to the timing of expenses. For 2026, the company expects revenue of $51.1 billion and an operating margin of 31.5 per cent. 

When asked about the trend, Ajimon Francis, Managing Director at Brand Finance India associated the India performance to two factors. CTV penetration is increasing in India, which is driving Netflix subscriptions. Further, Netflix has invested well in terms of its content slate ranging from series to movies. This is in line with the significant content restrategy in recent times.” 

Meanwhile, Lloyd Mathias, Marketer & Business Strategist, attributed the uptick to a pre-festive lull without any distraction. 

“While the uptick is surprising, festive season this time came without any upcoming cricket or social event. There has been a pre-festive lull,” said Mathias. 

Published on October 21, 2026