Netflix said on Thursday it has cut prices of its subscription plans in some countries as the streaming giant looks to maintain subscriber growth amid stiff competition and strained consumer spending.
Netflix had in recent times reduced prices in India and some parts of South-East Asia following a decline in growth; Thursday’s decision only affects countries that account for a small fraction of its customer base.
Subscription charges have been lowered in Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Thailand and the Philippines, amongst others.
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The past year has seen intense competition in the streaming industry as a pandemic-driven boom fades and consumers curtail spending over fears of a possible recession, forcing companies to rethink their strategies.
The cuts apply to certain price plans, with subscription charges falling by half in some cases. The company did not name the UK or the US as countries where it had cut its prices.
“We’re always exploring ways to improve our members’ experience,” Netflix said Thursday in a statement. “We can confirm that we are updating the pricing of our plans in certain countries.”
The firm’s shares closed 3.4% lower in New York on Thursday after the Wall Street Journal first reported the story.
The company has also clamped down on subscribers sharing their login details and passwords. In some countries, Netflix introduced limits on password sharing, requiring customers to pay extra charges if they want friends and family to share their subscriptions.
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.
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