So it might be hard to believe that the majority of its 137 million subscribers are international.

所以你可能很難相信，13.7 億的訂閱數中，大部分都在美國境外。

The streaming giant has expanded to over a 190 countries, but one country where Netflix has had difficulty breaking through is India.

串流媒體巨頭 Netflix 已觸及逾 190 個國家，可是卻在印度踢到鐵板。

Both Netflix and Amazon Prime Video launched in India in 2016.

Netflix 和亞馬遜 Prime 影音皆在 2016 年於印度推出。

Thanks in part to the drastic drop in mobile data prices.

這部分歸功於行動上網費的驟降。

Streaming services which were once considered a luxury suddenly became increasingly more appealing to Indians.

以往被視為奢侈品的串流服務，突然對印度人的吸引力變大了。

India is now the second largest internet market in the world following China.

印度是目前全世界第二大使用網路的市場，僅位居中國之後。

More than 35 different streaming services have launched or expanded their businesses in India in the last three-and-a-half years.

過去三年半，超過 35 個不同的串流服務已在印度推出，或是擴展在印度的業務。

One company that streams Cricket and Indian movies and shows called Hotstar is leading the race.

串流板球比賽與印度電影、節目的公司：Hotstar 是市場的龍頭。

Research firm Jana estimates Hotstar holds about 70% of the on-demand local streaming services market.

調查公司 Jana 估計 Hotstar 達到當地串流服務 70% 的市場佔有率。

Even Amazon Prime video is bigger than Netflix in India.

連亞馬遜 Prime 影音分到的餅都比 Netflix 大。

And India's online video market valued at over $700 million is expected to grow to $2.4 billion in value by 2023.

印度的線上影音市場總值超過 7 億，預估在 2023 年前會破 24 億大關。

But according to analysts, Netflix is not grabbing a huge piece of that pie.

然而分析師表示，Netflix 無法從中得到太多獲利。

We think that Netflix likely has somewhere between half a million and a million paid streaming subs in India right now.

我們認為 Netflix 目前在印度的付費訂閱數介於 50 到 100 萬之間。

Pricing might be one reason Hotstar has had an edge on Netflix.

價格問題可能是 Hotstar 略勝 Netflix 一籌的原因之一。

Hotstar offers its premium service for about $3 a month in India and about 80% of its catalog is free to begin with.

Hotstar 向高級會員收取每個月 3 美元的費用，而大約 80% 的內容都可免費收看

Amazon Prime costs about a $1.90 a month including access to Prime Music.

亞馬遜 Prime 則每個月收費 1.9 美元，其中包含使用 Prime Music。

Compare that to the cheapest plan that Netflix offers which is a little over $7 a month.

相較之下，Netflix 最便宜的每月方案比 7 美元再多一點。

Hotstar also offers streaming rights to the majority of Cricket tournaments in India, the country's most popular sport.

Hotstar 也提供串流觀賞印度大部分的板球比賽，也就是印度最熱門的運動。

Earlier this year, 10.3 million viewers tuned into Hotstar to watch the finale of the Indian Premier League tournament.

今年稍早，1030萬人口為了觀看印度超級板球聯賽之總決賽，而收看 Hotstar。

Facebook even offered to pay more than $600 million for the IPL's digital rights but lost out to Star India which owns Hotstar.

臉書甚至出價超過 6 億，想收購印度超級板球聯賽的數位版權，可卻輸給 Hotstar 的母公司：星空傳媒印度公司

It's worth noting that Netflix has purposefully stayed away from streaming live sports in the United States.

值得注意的是，Netflix 在美國基本上刻意不轉播體育賽事。

It's a strategy that's worked well so far domestically but it remains to be seen if it will work in India.

這個策略在美國本土實施成效還不錯，但是否在印度也可行？這還有待觀察。

Then there's the hunger for local content, here again Hotstar has an advantage.

再來就是對當地節目的需求，這點讓 Hotstar 又再次佔有優勢。

Because it's been able to provide shows in regional languages which it borrows from channels operated by Star India, its parent .

Hotstar 可以從母公司星空傳媒印度公司得到頻道資源，以提供各區語言的節目。

But Netflix has taken note of the demand.

不過 Netflix 也記下這個需求了。

We'll go from expanding, you know, beyond English into Hindi and then into many more languages, more pricing options, more bundling, all of those things are possible.

我們會先加入印度語節目，再增加更多其他語言、更多的價格、方案選擇，這些都有可能。

So we'll take it, you know, a million at a time and figure out how to expand the market as we grow.

所以我們會先拿 100 萬的訂閱數做測試，判斷如何在成長之餘擴展市場。

Despite India's challenges, part of the reason investors have given Netflix its God evaluation is precisely because it has room to expand.

即使在印度面臨挑戰，投資者仍對 Netflix 期望很高，正是因為其還有成長空間。

It's been an awesome growth story and it will continue to be an awesome global growth story as they expand into Asia, India and some of the international markets.

這是很棒的成長故事，而未來仍會是很棒的全球成長故事，在進軍亞洲、印度和其他國際市場之際。

So our evaluation right now is $420 a share, that's progressed upward over time.

現在預估每股上看 420 美元，這是隨著時間上漲的。

And we think that given that global runway it's likely to continue to go in that direction.

且鑒於國際趨勢，我們認為這股潮流會持續延續。

It'll take time for Netflix to build up its presence.

Netflix 要穩固地位，需要時間累積。

We have generally seen historically it take about three years for Netflix to achieve 10% household broadband penetration.

綜觀歷史，我們都見證 Netflix 花費了三年的時間來深入 10% 的家用寬頻使用率。