Netflix Drops Prices In 30 Countries
Netflix has gone on a price-cutting spree in a bid to attract more subscribers. The streaming giant dropped prices in more than 30 countries in Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East.
As the BBC reports(Opens in a new window), the countries include Malaysia, Indonesia, Thailand, Croatia, the Philippines, Venezuela, Kenya, and Iran. The US, Canada, or the UK is not on the list. The planned cuts will reportedly see some subscription charges dropping by half.
A Netflix spokesperson speaking to the BBC 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.”
Speaking(Opens in a new window) to the Wall Street Journal, media and entertainment analyst at UBS Group AG John Hodulik said of the planned price drops: “It definitely goes against the recent trends not just for Netflix, but for the broader streaming industry. Some of these cuts on a percentage basis are substantial.”
In January Netflix co-chief executive Greg Peters stated the company was trying to deliver “appropriate value” at “different price points” as it sought to serve more customers across the world.
Netflix has been battling with a declining subscriber base as high inflation and increases in the cost of living in large markets have led to people terminating their subscriptions.
In the face of a troubling economic climate, Netflix has attempted to clamp down on people sharing their subscriptions. Password-sharing was limited(Opens in a new window) earlier this month in Portugal, Canada, New Zealand, and Spain. Customers in those countries must pay an extra fee if they want friends and family who don’t live with them to use their
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