Netflix cuts prices in more than 30 countries in bid to win more subscribers | Business News
Netflix has cut its prices in more than 30 countries, in some cases slashing the price of a subscription in half.
Prices have been cut in parts of the Middle East, sub-Saharan Africa, Latin America and Asia.
The price drop comes as the streaming giant sees a lull in subscriber numbers amid the cost-of-living crisis and competition from other streaming services.
Netflix, which operates in over 190 countries, has been looking to grow its share in newer international regions.
“We’re always exploring ways to improve our members’ experience,” a spokesperson for the company said.
“We can confirm that we are updating the pricing of our plans in certain countries.”
The UK and US were not named among countries where Netflix was planning to lower its prices.
Netflix’s strategy shift come hot on the heels of its controversial plans to stop people sharing passwords.
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About 7.6 million people signed up to Netflix in the fourth quarter of 2022 after a tough start to the year where it lost out on subscribers as Paramount+ and Disney+ raked them in.
But average revenue per membership declined across regions in the last three months of 2022.
The number of subscriptions to all TV streaming services in Britain fell by two million during 2022.