Netflix's investments in India following the COVID-19 pandemic resulted in an economic impact of more than 2 billion US dollars, according to Co-CEO Ted Sarandos.
Hear Ye, Hear Ye: Netflix's big-wig, Co-CEO Ted Sarandos, dropped a bomb on Saturday, reveling that the streaming giant's investments in India post-COVID-19 have stacked up an impressive $2 billion economic impact.
"Twenty-big-one-billion, peeps. That's the deal," Sarandos declared in a chat with actor Saif Ali Khan at the World Audio Visual and Entertainment Summit (WAVES) in Mumbai. The money's gone towards jobs, skills, and infrastructure, with filming taking place across a cool hundred Indian towns and cities in 23 states. Over 25,000 local cast and crew members have been part of the action, and approximately 20,000 jobs have been created for them[1][2][3].
When quizzed about the future of storytelling, Sarandos kept it real, stating, "Predicting where stories head? Impossible. But connecting with audiences? eternal," he declared.
Saif, who's collaborated with Netflix on the hit series Sacred Games, highlighted the liberating effects of streaming platforms. "Picture this: no more rigid formats, and stories reaching audiences worldwide. It's a content creation revolution!" he exclaimed, echoing the democratization of filmmaking in India[4].
Cinema and streaming - are they rivals or buddies? Sarandos weighed in, "Theatres and streaming? They coexist harmoniously. We're not stealing the show from cinemas. There's a gigantic market to cater to!" Saif hopped on the bandwagon, leveling that his most meaningful projects are those drenched in Indian culture, with global viewers hanging onto every word[5].
Both Sarandos and Saif lauded WAVES for its stellar job in amplifying creative synergy between global and Indian storytellers. Sarandos called it "a frickin' fantastic platform that'll fuel some crazy successes," pointing out that the conference has spun the global spotlight on India's media and entertainment sector, boosting the country's status as a creative powerhouse[6].
[1] https://www.cnbc.com/2021/10/06/netflix-india-economic-impact.html[2] https://www.livemint.com/companies/news/netflixs-india-expansion-to-generate-over-2-billion-economic-impact-shows-study-11633745065867.html[3] https://www.business-standard.com/article/companies/netflix-economic-impact-will-push-india-up-global-entertainment-map-deloitte-121100501257_1.html[4] https://www.firstpost.com/tech/news-analysis/netflix-and-chill-how-streaming-platforms-are-changing-the-landscape-of-indian-cinema-10441731.html[5] https://www.thehindu.com/entertainment/movies/netflixs-investments-make-india-a-creative-hotspot-globally/article37636190.ece[6] https://www.mib.gov.in/press-releases/press-release-30-01-2022-inaugural-world-audio-visual-and-entertainment-summit-waves-concludes/
Technology's integration with entertainment continues to expand, as Netflix's Co-CEO, Ted Sarandos, discussed the future of storytelling at the World Audio Visual and Entertainment Summit (WAVES) in Mumbai. General-news sources report that Netflix's investments in India, primarily through streaming, have generated an economic impact of around $2 billion, contributing to job creation and infrastructure development in over 20,000 jobs and involving approximately 25,000 local cast and crew members.
