Netflix reduces subscription prices in over 30 nations to attract more subscribers, according to recent reports. The BBC revealed that parts of Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East have seen the prices of certain plans drop, with Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran among the affected countries.
The move comes amid growing competition from rival streaming services and to address the increasing cost of living that has affected households. While the company did not mention cutting prices in the UK or US, it stated that it is always exploring ways to enhance its members’ experience. Netflix operates in more than 190 countries and faces stiff competition from Amazon, HBO, and Disney. Following the announcement, the firm’s shares reportedly closed 3.4% lower in New York.
As competition in the streaming market intensified, the firm took action in 2022 by cutting hundreds of jobs and introducing a less expensive streaming option that included advertisements. Co-Chief Executive Officer, Greg Peters, explained in January that the aim was to attract more subscribers by offering appropriate value at different price points and expanding the spectrum of options.
In addition to this, Netflix has been implementing measures to curb password sharing by introducing limits in more countries, requiring additional fees for non-household members who wish to access subscriptions. The company experienced a decline in subscriber numbers last summer, losing nearly a million in just three months. However, as of January, the company reported a rise in subscribers towards the end of the year.