The streaming giant, Netflix Inc has announced it has cut down subscription prices across more than 30 countries amid stiff competition from other streaming companies.
Recall in 2021, Netflix cut down subscription prices in India by a minimum of 18% and up to 60.1% as the company witnessed a decline in sales, the recent decision by Netflix however, affects a small fraction of its customer base in the affected countries.
According to the Wall Street Journal, the price cuts took place in some countries in the Middle East, sub-Saharan Africa, Latin America, and Asia while TechCrunch reports that over 100 territories were affected by the price cut.
Some of the countries affected include Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Thailand, and the Philippines, amongst others.
Netflix stock witnessed its worst day in more than two months as it fell nearly 5% as the company witnessed intense competition from other streaming companies like Paramount+, Disney+, Apple TV+, HBO Max, Peacock, Hulu, etc.
The company in a recent move, put the lid on password sharing as it began to charge fees for an “extra member” for accounts where users outside one household use the same membership.
Since its inception, Netflix has failed to raise concerns about password sharing even though the act had cut off some potential customers and was seen as a loss on the part of the company.
Netflix however, decided to end password sharing and instead, develop other ways to “monetize account sharing” after the company recorded its deepest subscriber losses in a decade.
According to a report by TechCrunch, the action has sparked a wave of subscriber complaints across social media platforms as the company is the only streamer to charge its customers a fee for sharing their passwords.
Lowering its subscription price may be a way of redeeming itself and appeasing millions of its customers who are dissatisfied with its ban on password sharing.