Netflix Slashes Subscription Prices in Over 30 Countries

Netflix has recently announced that it is cutting prices in over 30 countries as a part of its plan to attract more subscribers. The streaming giant is hoping that the move will help it keep up with increasing competition from rival services, as the rising cost of living sees households tightening their belts.

The countries that will benefit from the reduced subscription charges include parts of Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East. Among these countries are Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran, where subscription charges for certain plans have been reduced by as much as half.

Despite the move, the company has not named the UK or the US as countries where prices have been reduced. However, the company’s spokesperson said that they are always exploring ways to improve their members’ experience and that they are updating the pricing of their plans in certain countries.

Netflix, which operates in more than 190 countries, has faced increasing competition from rival streaming services such as Amazon, HBO, and Disney. The company has had to adopt different strategies to grow its share of the increasingly competitive streaming market, which has resulted in cutting hundreds of jobs and launching a less expensive streaming option with adverts.

In January, Netflix’s co-chief executive, Greg Peters, outlined how the company plans to attract more subscribers. “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,” Mr. Peters said.

As part of its plan to grow its subscription base, the company is cracking down on password sharing. Earlier this month, it introduced limits on password sharing in more countries, requiring customers to pay an extra fee if they want friends and family who don’t live with them to share their subscription.

Despite its challenges, Netflix’s subscriber numbers have jumped at the end of 2022. The company revealed in January that it had added new subscribers, which helped to offset the almost million subscribers it lost between April and the end of June.