Netflix, the internationally acclaimed streaming platform on Thursday announced it will be cutting the prices of its subscription plans in some countries as the streaming giant looks to maintain subscriber growth amid stiff competition and strained consumer spending.
The past year has seen intense competition in the streaming industry especially as the pandemic-driven boom is fading. Consumers are also curtailing their spending over fears of a possible recession. This is forcing companies to rethink their market strategies.
Netflix spokesperson Kumiko Hidaka confirmed on Reuters that the company is updating the pricing of its plans in certain countries. He, however, didn’t specify which ones. Some countries expected to receive price cuts include Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Malaysia, Indonesia, Thailand, and the Philippines.
Netflix operates in over 190 countries and has been looking to grow its share in newer international regions. This is coming in response to the saturation of the U.S. and Canadian markets. Earlier this month, it laid out plans to crack down on password sharing for accounts on its streaming platform.