Netflix CEO Hastings says no plans for cheaper India offerings

FILE PHOTO: Netflix's Chief Executive Officer Reed Hastings gestures as he delivers his keynote speech during Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Paul Hanna/File photo

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, Hastings noted that Netflix had three price tiers in India: US$6.90 (RM28.80) for a basic plan, US$9 (RM37.60) for a standard plan and US$11 (RM46) for premium. Those prices are only modestly lower than what the company charges in the United States.