Streaming giant Netflix has slashed prices in more than 30 countries to attract more subscribers.
Prices have been reduced in parts of Asia, Europe, Latin America, Sub-Saharan Africa and the Middle East.
The rising cost of living means households are tightening their belts and Netflix is facing increasing competition from competing services.
“Members have never had more choice when it comes to entertainment,” a company spokesman told the BBC.
Countries where subscription fees have been reduced include Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya and Iran.
The company did not name the UK or US as countries where it had reduced its prices.
“We’re always looking for ways to improve our members’ experience. We can confirm that we are updating the pricing of our plans in certain countries,” a Netflix spokesman said.
Shares of the company closed 3.4% lower in New York on Thursday after the Wall Street Journal first reported the story.
- Netflix is expanding its crackdown on password sharing
- Video streaming subscriptions drop by two million
Netflix, which operates in more than 190 countries, faces increasing competition from streaming rivals like Amazon, HBO, and Disney.
Over the past year, the company has cut hundreds of jobs and introduced a lower-cost streaming option with ads as it struggled to grow its share of the increasingly competitive streaming market.
In January, Netflix co-CEO Greg Peters outlined how he plans to gain more subscribers.
“We’re looking to expand that spectrum as we seek to serve more members around the world and try to provide reasonable value at these varied prices,” said Mr. Peters.
The company also cracks down on people who share their subscriptions.
Netflix rolled out restrictions on password sharing in more countries earlier this month. These require customers to pay an additional fee if they want friends and family who don’t live with them to share their subscription.
Last summer, Netflix announced it had lost almost a million subscribers between April and the end of June as more and more people decided to end the service.
In January, however, the company said that subscriber numbers had skyrocketed in late 2022.
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