02 February 2023
Netflix is the world's leading streaming platform but over the past year or so, it has seen its user growth rate take a hit. This is the reason it has been exploring ways to boost its subscriber base. As per the WSJ report, Netflix has slashed subscription prices in more than 100 territories around the globe.
The price drops have been seen in select markets across the Middle East, Asia, Africa, and Europe. Some of these are Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Thailand, and the Philippines. The exact price cut varies from region to region but it is reported to be anywhere between 20% and 60% for the basic tier. The price cut is not applicable in North America and Western Europe.
The move may seem surprising considering streaming services usually end up hiking subscription prices. Netflix finds itself in an unusual situation, especially ever since it announced steps to crack down on password sharing. The company wants account sharers to pay for their own access to the catalog which has not gone too well with subscribers for obvious reasons.
There are plenty of streaming service options with many of them being a lot more affordable than Netflix. It is for reasons like these that the company has seen its subscriber growth go down in the past few quarters. The newly reported price cut is said to affect at least 10 million users which are about 4% of the total user base.
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