Netflix has 137 million subscribers and a majority of them are international. But the streaming giant is still struggling to break into India, the world's second-largest internet market. CNBC's Alex Sherman explains why. Netflix is currently valued much higher than other media companies. Despite a share pullback in recent months from more than $400 to about $285, Netflix has a trailing price-to-earnings ratio of more than 100 and an enterprise value-to-EBITDA ratio of about 70. For comparison, Disney has a P/E ratio of about 14 and an EV-to-EBITDA ratio of about 11. Viacom's valuation ratios are both around 7. This gaudy valuation is largely predicated on its international growth forecast. Breaking into India is critical for the company to double or triple its subscribers over the next 10 to 15 years, as many analysts have estimated. But Netflix hasn't had an easy time spreading through India since it launched there in 2016. Faced with competition from local players and Amazon Prime Video, Netflix is facing an uncertain future in a country with more than 1.3 billion people. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC #CNBC #Netflix Why Netflix Is Struggling In India