As the global cost of living crisis continues and the streaming wars show no signs of abating, Netflix has begun cutting its pricing in more than 30 different countries, according to a report Wall Street Journal reports.
Discounts rolled out this week in key low-income regions in Asia, Europe, Latin America, sub-Saharan Africa and the Middle East, where subscription rates are currently relatively low.
Countries with subscription price drops of 20% to 60% include Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Vietnam, Thailand, Philippines, Egypt, Yemen, Jordan, Libya, Iran, and Kenya.
There is currently no indication that similar price cuts will be offered in established regions such as the US, UK and Australia.
“We’re always exploring ways to improve the member experience,” Netflix said in a statement Thursday. “We can confirm that we are updating program pricing in certain countries.”
The move comes as Netflix faces growing competition from rival services and the unwelcome move to introduce restrictions on password sharing.
Netflix spokesperson acknowledges increased competition from rival services like Disney Plus, Apple TV Plus and Paramount Plus tell the bbc: “Members have never had more choice when it comes to entertainment”.
Analysis: Something is wrong with Netflix, and these price cuts won’t help
The March deadline is fast approaching for the long-awaited (and much hated) end of password sharing for many Netflix viewers, and yesterday’s deadline doesn’t ease the disappointment of those who can no longer rely on family or friends on their accounts.
It’s clear that these discounts are primarily intended to encourage new subscribers in emerging Netflix regions, meaning the price cut is unlikely to benefit most of the people affected by the upcoming rule change.
From its efforts to steer new customers toward its full-fat subscriptions rather than its cheaper ad-supported tiers, to its controversial high-profile purpose culls such as 1899 or Samurai nunit’s clear that 2023 is a big deal for Netflix, even if it means losing some eyeballs.
The company’s financials for the end of 2022 showed its subscriber base adding 7.66 million, but with the imminent password cull coming into effect — a risky move that has clearly not yet been adopted by rivals like Disney Plus and Hulu — it could still watch. to whether the streaming service made the right decision.
In removing the flexibility of password sharing (which is companies have sometimes been encouraged in the past), price cuts in countries that block the feature may help stem the tide of outrage. but it is not the truth.
If you decide your time with the streaming giant is coming to an end, be sure to check out our list of the best Netflix shows before your subscription is cancelled, and keep an eye out for our picks of the best streaming services if other options can get your boat float.
