Netflix cuts subscription price in more than 30 countries

San Francisco: Streaming giant Netflix has reduced the price of its subscription in more than 30 countries. This is an attempt to attract customers with access to a growing number of streaming options. As The Wall Street Journal reports, recent price cuts by the streaming giant include Middle Eastern countries (Yemen, Jordan, Libya and Iran), sub-Saharan African markets like Kenya, and European countries (Croatia, Slovenia and Bulgaria). Are. “In Latin America, countries including Nicaragua, Ecuador and Venezuela have seen membership costs decline, as have parts of Asia including Malaysia, Indonesia, Thailand and the Philippines,” the report said. Applies to specific Netflix tiers in affected countries.

“It certainly goes against recent trends not only for Netflix but for the broader streaming industry,” said John Hodulik, a media and entertainment analyst at UBS Group AG. Greg Peters, co-chief executive officer of Netflix, also indicated during the January earnings call that the company is exploring markets where they can lower rates to support ongoing content spending. can increase. “We consider ourselves a non-substitutable good,” Peters said. According to him, the streaming giant also has an opportunity to acquire new customers in markets where it currently does not hold a dominant position.

“We know that members have never had more choices when it comes to entertainment, and the company is dedicated to providing an experience that exceeds their expectations,” said a Netflix spokeswoman. In January last year, the company had increased the price for subscribers in the US and Canada. Later, in March, it increased its subscription prices for users in the UK and Ireland.