Netflix cuts subscription prices in more than 30 countries
Netflix has slashed subscription rates in more than 30 countries across Asia, Europe, Latin America, sub-Saharan Africa and the Middle East. The streaming giant announced the decision on Thursday as it attempts to attract more subscribers amid stiff competition and strained consumer spending.
Netflix had in recent times reduced prices in India and some parts of South-East Asia following a decline in growth; Thursday’s decision only affects countries that account for a small fraction 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.