Netflix cuts its price in more than 30 countries globally but it, however, will not help with its password-sharing crisis. The streaming company according to various reports has reduced its subscription fees by up to 50%.
Netflix Cuts Its Price in More Than 30 Countries Globally
With the global cost of living crisis continuing to hit hard, and the streaming wars showing no sign of slowing down, Netflix has not moved to lower its prices in 30 different countries as per a report in the Wall Street Journal.
The discounts reported have been rolled out this very week primarily in lower-income regions of the world such as Asia, Europe, Latin America, and Sub-Saharan Africa as well as the Middle East where subscription uptake is at the moment comparatively low.
Countries to Experience Drop In Netflix Subscription Prices
Countries around the world that have seen a drop in prices of subscriptions which range from 20% to 60% include Bulgaria, Nicaragua, Croatia, Slovenia, Venezuela, Ecuador, Indonesia, Malaysia, Thailand, Philippines, Vietnam, Yemen, Egypt, Libya, Jordan, Kenya, and Iran.
At the moment, there are no indications that similar price drops will be offered in established countries and regions of the world such as the UK, the US, and Australia.
Netflix Official Statement in Regard to the Development
“We’re always exploring ways to improve our members’ experience,” Netflix in a statement on Thursday said. “We can confirm that we are updating the pricing of our plans in certain countries.”
This move is coming as streaming giant Netflix faces increased competition from rival platforms and services, while also rolling out the unpopular move of limiting password-sharing.
Netflix Claims That Consumers Never Had More Options
Acknowledging the increased and continued competition from rival platforms and services such as Disney Plus, Paramount Plus and Apple TV Plus, a spokesperson from Netflix has revealed to the BBC: “Members have never had more choices when it comes to entertainment”.