How Netflix is slashing prices to increase subscriptions
Delhi : Netflix Inc announced on Thursday that it had reduced the prices of its subscription plans in some countries, as the streaming giant seeks to maintain subscriber growth in the face of stiff competition from rivals.
With the pandemic-fueled boom winding down and consumers becoming more cautious about spending, competition in the streaming industry has increased, forcing companies to reconsider their strategies.
The price cuts will affect some Middle Eastern countries, Sub-Saharan African markets, and parts of Latin America and Asia, according to the Wall Street Journal, which broke the news first.
The discounts only apply to specific Netflix subscription tiers in particular markets, in some cases reducing the price of a subscription.
Netflix, which operates in over 190 countries, has been aiming to expand share in emerging international locations as the US and Canada markets saturate. It announced plans earlier this month to strictly prohibit the sharing of passwords for accounts on its streaming platform.
"We are constantly looking for ways to enhance the membership experience. We can vouch for the fact that in some nations we are altering the prices of our plans "a company spokeswoman stated. The spokesperson did not provide any additional information about the price cuts.