Netflix cuts subscription fees

America’s streaming giant, Netflix, has reduced its subscription prices in more than 30 countries over the past week, Wall Street Journal has reported.
The subscription cut is to be applicable to certain tiers of Netflix in those countries and in some cases, the cost of a subscription is slashed to halves.

Some of the countries benefiting from this gesture include Egypt, Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Kenya, Vietnam, Thailand, and the Philippines.

“We know members have never had more choices when it comes to entertainment and the company is committed to delivering an experience that exceeds their expectations,” a Netflix spokesperson told The Wall Street Journal.

The spokesperson added that the company was updating the pricing of plans in some countries.

Although the subscription cuts were said to be a strategy to boost the company’s competitiveness, according to The Wall Street Journal, it is also a way of bringing in more subscribers.

Last year, Netflix lost 200,000 subscribers in Q1 2022, and an additional 970,000 in the second quarter (Q2) of the same year.

The company also said it would introduce an ad-supported and cheaper subscription plan in partnership with Microsoft – a multinational tech corporation.

The aim was to boost subscription numbers.

<<The Nation>>