With lower prices, cut in half in some cases, Netflix hopes to attract customers and attract new subscribers in more than three dozen countries around the world.
- What’s happening? Netflix recently reduced the cost of a subscription to its services in a number of countries in the Middle East, Africa and Europe.
- Why care? In a world of increasingly expensive streaming services, the Netflix offering has become more accessible in more than three dozen countries.
- What to do? Check out the current plans and pricing on the Netflix website.
Netflix cuts prices in over 30 countries
In some countries, the company has halved the cost of a subscription. Prices have been reduced for customers in more than 30 countries in Europe, the Middle East and Africa, such as Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia and Bulgaria.
In terms of revenue, these aren’t major markets, but Netflix is testing a different approach after years of constant subscription price increases.
“We know members have never had more choice when it comes to entertainment,”a Netflix spokesperson said, confirming that the company is updating plan pricing in some countries. This isn’t the first time Netflix has cut prices.
Sarah Krause, The Wall Street Journal:
Netflix has slashed the prices of its services in the past, especially when it faced stiff competition or wanted to add users faster. For example, in 2021 it lowered the cost of a subscription in India after initially targeting wealthier users with expensive plans.
Streaming fatigue is real
People can choose from too many video services these days, which is a problem for those who want to cut the cord and stream their favorite programs instead.
After stellar growth and billions invested in content licensing and production, services like Disney+, Netflix and others are driving up prices. However, the move backfired, causing significant changes in consumer behavior.
Now more than ever, people are subscribing to video services to watch certain shows, canceling the service until another unmissable show comes out.
In this brave new world for streamers, Netflix has taken some steps to increase its profits by launching a cheaper ad-supported option and requiring people who share their account with people outside their family to pay more for it.
The company has already introduced a new password-sharing policy in Canada and Spain, with more countries to follow shortly.