Netflix has slashed subscription rates in more than 30 countries across Asia, Europe, Latin America, sub‑Saharan Africa, and the Middle East. The streaming giant announced the decision on Thursday as it seeks to attract more subscribers amid stiff competition and strained consumer spending.
Price cuts have been implemented in markets such as Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran, among others. The reductions apply to certain plans, with some subscription charges falling by as much as half. Netflix did not name the United Kingdom or the United States as locations where prices have been lowered.
“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 told Reuters.
Following the Wall Street Journal’s initial report, the company’s shares closed 3.4 % lower on the New York Stock Exchange on Thursday.
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