Netflix cuts prices in over 100 markets

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The giant streaming platform, Netflix is looking to boost and retain its customers by lowering plans’ prices in more than 100 markets worldwide.

As per reports, the price cut already rolled out this week in about 30 from the 190 countries where Netflix streams. The subscription charges will be lowered with 20% to 60% depending on the market. In Europe, countries such as Croatia, Slovenia, Bulgaria, Bosnia and Herzegovina, Serbia, Albania, North Macedonia and Slovakia benefit from the price cut. However, prices in Western Europe or North America will not be subject to change.

“We’re always exploring ways to improve our members’ experience. We can confirm that we are updating the pricing of our plans in certain countries,” a Netflix spokesperson said. Last month, Netflix co-chief executive Greg Peters said the company plans to attract more subscribers. “When you think about the pricing question…we want to make that spectrum even wider as we seek to serve more members around the world and trying to deliver appropriate value at those different price points.” He added that “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.”

Meanwhile, the giant is cracking down on password sharing and introduced earlier this month limits on password sharing in countries like Canada, New Zealand, Portugal and Spain. In South America and the UK, this will be implemented until the end of March.

Also, since November, a new ad-supported streaming plan called Netflix Basic with Ads is available for a lower price than the Basic one, in the US and the UK, as well as in Australia, Brazil, Canada, France, Germany, Italy, Japan, Korea, Mexico, and Spain.

The company reportedly had nearly 231 million global subscribers, at the end of 2022. Most of them are based in the EMEA region (Europe, Middle East, and Africa), accounting for over 76 million of its total global subscriber base.

Source: variety.com