NETFLIX has slashed the prices of subscriptions for a whopping 10million users to gain a competitive edge in the streaming wars.
The streaming company announced that it cut the costs of certain tiers in over three dozen countries.
1
The changes made in recent weeks affected various nations including Jordan, Iran, Kenya, Venezuela, Indonesia, and Thailand, among others.
Some of the cuts are as steep as half off the original cost.
“We’re always exploring ways to improve our members’ experience,” a Netflix spokesperson told Yahoo Finance.
Unfortunately, the U.S. and Western Europe were not included in the changes.
The price cuts stand out among other competitors who continue to boast high-quality products while ticking up prices.
“It definitely goes against the recent trends not just for Netflix, but for the broader streaming industry,” John Hodulik, a media analyst at UBS Group AG, told the Wall Street Journal.
In the company’s last quarterly report, Netflix actually suggested raising prices as execs are working to balance gaining new subscribers and increasing revenue.
They described 2022 as having a “bumpy start but a brighter finish,” and said: “We believe we have a clear path to accelerate our revenue growth” in 2023.
Most read in Money
With products like Disney+, HBO Max, and Paramount+ shaking up the competition, it’s now more important than ever to offer the best possible platform with intriguing content.
“We know members have never had more choices when it comes to entertainment,” a Netflix spokeswoman told the Journal.
She said that they are looking to pursue markets in other countries to expand their business.
It comes after Netflix infuriated users by cracking down on password sharing.
The streaming giant has revealed it’ll start enforcing rules “more broadly” by the end of the 2023’s first quarter.
That means it’ll probably happen by April sometime.
The company behind hits such as Stranger Things and The Crown has long-warned that the password sharing loophole was coming to an end.
It’s a swift change from the early days when the firm turned a blind-eye to the money-saving trick.
Netflix started testing new ways of catching people last year in a handful of countries.
But in an earnings call, the firm gave its first indication of when the tougher approach will start to affect more areas.
Some 100million accounts across the globe are thought to be shared beyond the owner’s household.
“Later in Q1, we expect to start rolling out paid sharing more broadly,” the company said.
“As we roll out paid sharing, members in many countries will also have the option to pay extra if they want to share Netflix with people they don’t live with.”
The U.S. Sun put together a list of the best free TV streaming apps to use so consumers can quit Netflix and slash monthly bills.
