Netflix Cuts Subscription Prices In More Than 30 Countries
More than 30 nations in Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East have seen Netflix subscription prices reduced.
The decision was made public by the streaming giant on Thursday as it works to increase subscriber numbers in the face of fierce competition and constrained consumer spending.
Following a decline in growth, Netflix recently lowered its prices in India and some regions of South-East Asia; Thursday’s decision only affects countries that make up a small portion of its customer base.
Subscription charges have been lowered in Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Thailand and the Philippines, amongst others.
The cuts apply to certain price plans, with subscription charges falling by half in some cases.
The company did not name the UK or the US as countries where it had cut its prices.
“We’re always exploring ways to improve our members’ experience,” Netflix said Thursday in a statement. “We can confirm that we are updating the pricing of our plans in certain countries.”
The firm’s shares closed 3.4% lower in New York on Thursday after the Wall Street Journal first reported the story.
The company has also clamped down on subscribers sharing their login details and passwords. In some countries, Netflix introduced limits on password sharing, requiring customers to pay extra charges if they want friends and family to share their subscriptions.