Netflix Reduces Subscription Prices In More Than 30 Countries To Attract More Subscribers Amidst Competition

The largest streaming platform Netflix has decided to cut the prices of its subscription in more than 30 countries in an attempt to gain more customers.

The subscription prices have been cut in many regions around the globe including parts of Asia, Latin America, Europe, sub-Saharan Africa, and the Middle Eastern nations.

The decision of the largest OTT platform has come as the rising costs of living have caused households to tighten their belts in their spending, and the former faces huge competition from the other nemesis.

The company spokesperson has opened up to the media sources stating that the members have never faced a choice when it comes to entertainment. The countries in which the subscription charges are lowered involve Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran.

The subscription charges have been reduced by half, and the cuts have been applied to particular schemes. The company has not yet mentioned where it has slashed the prices whether it’s in US or UK.

The Netflix spokesperson has further added that the company is always exploring ways to improve the user’s experience. They can confirm that they have revised the pricing plans in many countries.

The firm’s shares have declined by 3.4 percent in the New York Market as the news has been reported by valid sources.

Netflix operates in more than 190 nations and has faced increased competition from other streaming platforms like Amazon, HBO, and Disney.

Last year, the OTT platform has laid off employees to cope with the macroeconomic condition, and it has further revised the plans to affordable pricing, intending to expand its shares in the increasingly competitive streaming industry.

Greg Peters, Netflix co-chief, has even mentioned his objectives of gaining more subscribers.

He has stated that they want to make their spectrum wider as the company proceeds to expand its operation in seven more nations around the globe and offer appropriate values at different price points.

The company has been cracking down on users sharing their subscriptions.

Recently, Netflix has brought restrictions on password sharing in more countries. It will require the customers to pay an extra fee if they want to share their subscription with friends and family who do not live with them to share their subscription.

Netflix has even revealed in the last year that the streaming platform has lost a million customers between April and the end of June as many users have quit the service.

 Video streaming subscriptions have declined significantly in the last year because of the rightening in spending as stated by analysts.

Analysts have revealed that the number of paid subscriptions declined in the UK by 2 billion, accounting for 28.5 million.

It is because inflation has been recorded as the highest over the last 40 years that has taken a toll on people’s finances. The consequence was that the consumers had to make difficult choices in balancing necessity and luxury.

The financial pressure has increasingly meant that families have cut down on video-streaming subscriptions, particularly in households had more than three video-streaming platforms.

Netflix reported a loss of almost a million subscribers last summer between April and May after the company increased its prices. But with the launch of cheaper services in 12 countries, the Californian company has reported positive numbers in users taking up the total number of signed-in users to 270 million between the last months of 2022.

India has become the fastest-growing market for Netflix:

Ted Sarandos has revealed that India has emerged as the fastest-growing market for Netflix among the other countries in the world in 2022. The global streaming company has earned a revenue of 32 billion with operating revenue of 5.6 billion USD. Furthermore, they have recorded a 30 percent increase in subscriptions and an increase in revenues by 25 percent in India.

Although the company started pretty difficult at the beginning of 2022, it has thrived and made hits reigniting the growth by the end of 2022. The movies released in India through the OTT platforms were successful in the west. The company has previously launched an ad-supported tier in the US, but they have not planned to do the same in India as of now. The ad tier allows the subscribers to view content at a lower price if they are willing to watch any advertisements.

The company in December 2021, reduced the price of Netflix by 60 percent. The Vice President of Netflix India has stated that the ad tier was mostly relevant for the higher penetrated and mature markets.

edited and proofread by nikita sharma