Netflix CEO says no plans for cheaper India offerings

Netflix chief executive Reed Hastings said that the streaming video company had no plans for cheaper prices in the hotly competitive India market and that an executive's comments suggesting otherwise had been “misunderstood.”

In an interview with Reuters on Friday, Hastings noted that Netflix had three price tiers in India: 500 rupees ($6.90) for a basic plan, 650 ($9.00) for a standard plan and 800 rupees ($11) for premium. Those prices are only modestly lower than what the company charges in the United States.

But in India, Hastings said, “we see the typical mix across these three plans that we see in many other countries like the U.S., which would indicate that we don't have a pricing issue. Because if it was, everyone would be on the lower price plan.”