Netflix Reduces Fees in 30 countries
Netflix Inc. NFLX +0.30% has reduced the cost of its service in more than three dozen countries in recent weeks, as it tries to appeal to customers around the world who have an ever-growing list of streaming options.
The streaming company’s recent price cuts span Middle Eastern countries including Yemen, Jordan, Libya and Iran; sub-Saharan African markets including Kenya; and European countries such as Croatia, Slovenia and Bulgaria.
According to the Wall Street Journal, which first reported the news, the price cuts took place in some countries in the Middle East, sub-Saharan African, Latin America and Asia.
The cuts apply to certain tiers of Netflix in those markets - in some cases, the cost of a subscription was halved, the Journal reported.
Netflix, which operates in over 190 countries, has been looking to grow its share in newer international regions as the U.S. and Canada markets saturate. Earlier this month, it laid out plans to crack down on password sharing for accounts on its streaming platform.
The company added about 7.6 million subscribers in the fourth quarter after bleeding subscribers in the first half of 2022 as rivals such as Paramount+ and Disney+ raked in subscribers.
But average revenue per membership declined across regions in the last three months of 2022.
"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 spokesperson for the company said.