Netflix lowers the prices of its subscriptions: Affected countries
As per the report, Netflix spokesperson Kumiko Hidaka has confirmed that the company is “updating” the pricing of its plans in “certain countries.” However, Hidaka didn’t specify the countries that will be affected.
The countries where the prices will reportedly come down include — Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Malaysia, Indonesia, Thailand, and the Philippines. The latest report also suggests that the price cuts may also apply to nations like — Bosnia, Herzegovina, Serbia, Albania, North Macedonia, and Slovakia.
Apart from this, the countries where Netflix has already lowered its prices include — Yemen, Iraq, Tunisia, Jordan, Palestine, Libya, Algeria, Lebanon, Iran, and Sudan. The report didn’t mention whether Netflix’s plan prices will be reduced in India as well.
Why Netflix is lowering the prices of its subscriptions
Netflix’s price reduction move comes a few weeks after the company announced its plans to churn more revenue from ‘password-sharing’ customers in Canada, New Zealand, Portugal, and Spain. The new rule will force subscribers to pay extra if other users living outside of their “primary” household are accessing their Netflix account.
In January, during the company’s earnings call, Netflix co-CEO Greg Peters hinted at these potential price changes.
Peters said, “We seek to serve more members around the world in trying to deliver appropriate value at those different price points, and we’re doing a good job expanding that range. There’s a bunch of people around the world in countries where we’re not deeply penetrated, and we have more opportunities to go attract them.”
Netflix has offered its streaming service for 16 years now, yet the company has rarely lowered its plan prices. In January 2022, the streaming giant introduced a price hike for subscribers in the US and Canada. Later, in November 2022, the company added a cheaper $6.99 per month plan with ads. Other streaming platforms available in the US like — HBO Max, Disney Plus and Hulu have also opted to increase their prices in 2022.