Due to the recent underperformance that saw Netflix‘s stock decline nearly 5% in broader markets and on track to hitting its worst day in two months, the streaming giant is cutting subscription prices in over 30 countries. The moves come as a desperate attempt to increase subscribers in many parts of the world.
With intense competition in the streaming industry over the past year, Netflix has fallen behind, causing the early adopter to focus on their strategy. The Wall Street Journal indicated that in some cases, the cost of subscription has been halved. While the streamer did add 7.6 million subscribers in Q4 of 2022, after losing many to rivals like Disney+ and Paramount+ in the first half of the year, Netflix is still looking for areas to improve.
Netflix’s 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.” Some of the countries affected by the price slash, unfortunately, do not include the U.S. and Canada as the company actually raised prices a year ago. Parts of the Middle East including Yemen, Jordan, Libya and Iran, as well as Sub-Saharan Africa (Kenya), Europe (Croatia, Slovenia, Bulgaria), Nicaragua, Ecuador and Venezuela in Latin America and Malaysia, Indonesia, Thailand and the Philippines Southeast Asia, will see a significant cut in prices. It is uncertain when the new fees will roll out.
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