Netflix Cuts Prices For Subscribers In More Than 30 Countries

 

In its attempts to attract more subscribers, the streaming giant, Netflix has cut prices in more than 30 countries.

Gatekeepers News reports that prices have been cut in parts of Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East.

This follows the rising cost of living sees households tightening their belts and Netflix faces increased competition from rival services.

A company spokesperson said, “Members have never had more choices when it comes to entertainment.”

Countries that will benefit from this include Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran.

The cuts apply to certain price plans, with subscription charges falling by half in some cases.

Meanwhile, Netflix did not name the UK or the US as countries where it had cut its prices.

A Netflix spokesperson said, “We’re always exploring ways to improve our members’ experience. We can confirm that we are updating the pricing of our plans in certain countries.”

After the Wall Street Journal first reported the story on Thursday, the firm’s shares closed at 3.4% lower in New York.

Netflix, which operates in more than 190 countries, has faced increased competition from streaming rivals including Amazon, HBO, and Disney.

In 2022, the firm cut hundreds of jobs and launched a less expensive streaming option with adverts as it fought to grow its share of the increasingly competitive streaming market.

In January, Netflix co-chief executive Greg Peters outlined how he planned to attract more subscribers.

Peters said, “We want to make that spectrum even wider as we seek to serve more members around the world and trying to deliver appropriate value at those different price points.”

Last summer, Netflix revealed that it had lost almost a million subscribers between April and the end of June as more people decided to quit the service.

Nevertheless, in January the company said its subscriber numbers had jumped at the end of 2022.