American streaming software Netflix has implemented price reductions for its subscription services in more than 30 countries spanning Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East.
The announcement was made on Thursday to attract more customers in the face of intense competition and economic challenges. While Netflix has previously lowered prices in India and some parts of Southeast Asia due to a drop in growth, this latest decision only affects a small portion of its global customer base. The reduced subscription fees, which apply to certain pricing plans, have been implemented in countries such as Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Thailand, and the Philippines, among others. Some price plans have seen reductions of up to 50%. Notably, Netflix has not reduced subscription fees in the United Kingdom or the United States.
“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.” Netflix said this in a statement on Thursday
Initially on Thursday, The firm’s shares took a hit of 3.4% in New York
However, In an effort to curb password sharing among subscribers, Netflix has tightened its policies. In some countries, the company has introduced limits on password sharing and now requires customers to pay extra charges if they want to share their subscriptions with friends and family.
