Netflix Reduced The Prices For Subscribers In More Than 30 Countries

Netflix has cut prices in over 30 countries in an effort to attract more subscribers. Prices in Asia, Europe, Latin America, Sub-Saharan Africa, and the Middle East have all been reduced.

It comes as households tighten their belts due to rising living costs, and Netflix faces increased competition from rival services. "Members have never had more choices when it comes to entertainment," a company spokesperson told a media agency.

Subscription charges have been reduced in Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran. The price cuts apply to specific price plans, with subscription charges in some cases being cut in half.

The company did not name the United Kingdom or the United States as countries where it had reduced its prices. "We're always exploring ways to improve our members' experience. We can confirm that we are updating the pricing of our plans in certain countries," According to a Netflix spokesperson.

The company's shares closed 3.4% in New York on Thursday after the Wall Street Journal broke the story. Netflix tightens its grip on password sharing. Subscriptions to video streaming services have declined by two million.

Netflix, which operates in over 190 countries, is facing increased competition from streaming competitors such as Amazon, HBO, and Disney.

As it fought to increase its share of the increasingly competitive streaming market, the company cut hundreds of jobs and launched a less expensive streaming option with adverts last year.

In January, Netflix co-CEO Greg Peters outlined his strategy for increasing subscriber numbers.

"We want to make that spectrum even wider as we seek to serve more members around the world and trying to deliver appropriate value at those different price points,"  Mr Peters said.

In addition, the company is cracking down on people who share their subscriptions. Netflix implemented password-sharing restrictions in more countries earlier this month. Customers must pay an additional fee if they want friends and family who do not live with them to share their subscription.

Netflix revealed last summer that it had lost nearly a million subscribers between April and the end of June as more people decided to discontinue the use of the service. However, the company announced in January that subscriber numbers would increase by the end of 2022.