Netflix Inc, an American media services provider Netflix Inc has acquired 1.5 lakhs sq. ft. office space in Bandra-Kurla Complex also known as BKC, in Mumbai. The company bought this land parcel to set up its Indian headquarters.
According to the sources, Netflix Inc will pay a rent of Rs. 265 per sq. ft. on a monthly basis for leasing this office space. In short, this American media service provider is estimated to rent out Rs. 47.70 crores annually. The company went into a contract of nine years lease and a clause of rental escalation of 15% at the end of every three years is added in the same.
India is ranked amongst the most profitable markets for the Netflix company and they are planning to expand its business operations by emphasizing on the original content while keeping in mind the demand and trend of the local market. Also, the company is having 12 original series and films in the pipeline for Indian market after achieving success from its earlier series such as the Sacred Games and Ghoul. Apart from this, Netflix Inc released Selection Day on Friday.
At present Netflix has over 40 employees in India who all operates from its office in North Avenue, Maker Maxity in BKC.
The Netflix Inc ventured into the Indian market in January 2016 and was then registered as a limited liability partnership (LLP) in India in April 2017 after it started commissioning content.
Also, the Company’s India unit earned huge profit in its debut year which amounts Rs. 20.2 lakh for 2017-18. The company also earned revenue of Rs. 58 crores for the FY18. This data is in accordance with its filing with the Registrar of Companies.