Netflix has reduced its subscription prices by half in more than 30 countries in Asia, the Middle East, sub-Saharan Africa, Europe, and Latin America regions according to The Wall Street Journal.
Operating in over 190 countries and regions, Netflix has dominated the video streaming industry for years. However, its subscriber base has taken a hit in the past few years. In the first half of 2022, the streamer lost 1.2 million subscribers, 200,000 subscribers were lost in the first quarter, which reduced its market share. On the other hand, its competitors including Apple TV+, Disney+, Hulu, etc, continued to see growth.
After launching a cheaper $6.99 ad-support tier last year, the company recently released new Netflix password-sharing rules to crack down on password borrowers and freeloaders.
Here is the list of countries where Netflix has reduced subscription prices by half
As reported, Netflix subscription prices are cut by 50% in the following regions but remain the same in other markets like the U.S., Canada, and Spain.
- Middle Eastern
- sub-Saharan Africa
- Latin America
Last month, the company’s co-Chief Executive Greg Peters said they were looking for places where they can afford to raise prices to generate revenue for content creation. But Netflix did the opposite and lowered the prices in the market where it does not have a large share currently. The company spokeswoman said:
“We know members have never had more choices when it comes to entertainment,” and the company is committed to delivering an experience that exceeds their expectations. She said the company was updating the pricing of plans in some countries.
As consumers have a range of video streaming services available, this unexpected decision might be taken to gain new subscribers quickly in those markets and increase the company’s revenue.
Netflix’s price changes are a sign that big streamers are still grappling with what pricing will deliver the best combination of subscriber growth and revenue abroad. Consumers can choose between local cable providers, regional streaming services and big global platforms. Big players including Walt Disney Co.’s Disney+, Warner Bros. Discovery Inc.’s HBO Max and Paramount Global’s Paramount+ are all expanding overseas.