Netflix launches in India, plans start at 500 rupees

Wed Jan 6, 2016 1:29pm EST
 
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(Reuters) - Netflix Inc launched operations in India on Wednesday, with plans starting at 500 rupees ($7.50) per month, as the U.S.-based video streaming company pushes ahead with its global expansion plans.

The company's shares were up 5.5 percent at $113.60 in early afternoon trading.

The move confirmed months of speculation on the launch of the service in the second-most populous country in the world.

The company will also offer two other plans priced at 650 rupees and 800 rupees, it announced on its website.

Netflix is aggressively moving into new markets and aims to reach 200 countries by the end of 2016, as slowing domestic growth puts pressure on the company.

Users can access Netflix through an app on a smart TV, a videogame console, a streaming player, a smartphone or a tablet.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)

 
Reed Hastings, co-founder and CEO of Netflix, delivers a keynote address at the 2016 CES trade show in Las Vegas, Nevada January 6, 2016.  REUTERS/Steve Marcus