Netflix Cuts Subscription Prices In Select Markets
Netflix has decreased subscription prices in specific countries to sustain its subscriber growth.
Following the news, Netflix's stock declined by nearly 5%.
The streaming industry is experiencing intense competition as the pandemic boom fades.
According to the Wall Street Journal, price cuts were implemented in select countries across Asia, Latin America, sub-Saharan Africa, and the Middle East.
The subscription cost reduction applies only to specific tiers of Netflix in those markets, and in some cases, the cost was reduced by 50%.
Netflix is expanding its presence in newer international markets as the U.S. and Canada markets reach saturation.
The company recently unveiled plans to tackle password sharing on its platform.
In Q4 2022, Netflix added 7.6 million subscribers, bouncing back from the subscriber losses.
However, in the last three months of 2022, the average revenue per membership dropped across regions.