Netflix cuts subscription cost in more than 30 countries: report

The company’s recent price cut spans the Middle-eastern countries, including Yemen, Jordan, Libya and Iran; sub-Saharan African markets, including Kenya; and European countries Croatia, Slovenia and Bulgaria.

In Latin America, Nicaragua, Ecuador, and Venezuela, among others, have seen a reduction in subscription costs, as have Malaysia, Indonesia, Thailand and the Philippines in Asia, the report said.

Netflix has in some cases reduced the price of subscriptions by up to 50%.

The move follows co-chief executive Greg Peters’ remarks in January earnings call that the company was looking for places where they can afford to raise prices.

Netflix also had an opportunity to add new subscribers in markets where it doesn’t currently have a large share, he had said.

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The company added subscribers in each of the four regions for which it reports results in the final quarter of 2022, but its global average revenue per user declined to $11.49 in the final quarter of 2022, from $11.74 a year earlier, according to the report.Netflix has lowered the price of its service in the past, particularly when it faced tough competition or wanted to add users faster. It slashed the price of subscriptions in India in 2021 by 18-60%.

Netflix’s viewing engagement in India grew by 30% and revenue went up by 25% last year, co-CEO Ted Sarandos said recently.

The company also plans to crack down on password sharing for accounts on its streaming platform, including setting up a primary location and paying a couple of dollars for an extra member.

The video-streaming giant, which has estimated that 100 million around the world use a shared account, said members can now easily manage who has access to their account, transfer their profile to a new account and still easily watch Netflix on their personal devices or log into a new TV.

The company had lost subscribers in the first half of 2022 amid stiff competition from rivals, prompting it to look more seriously into password sharing and launching an ad-supported plan.