Netflix has announced that it will lower subscription prices in more than 30 countries as part of its strategy to increase the number of subscribers in many parts of the world. This comes after the streaming giant underperformed and saw its shares decline by nearly 5%. Despite adding 7.6 million subscribers in the fourth quarter of 2022, Netflix still lags behind its rivals, prompting the company to reassess its strategy.
Netflix has reduced its prices! In the desire to increase the number of subscribers and overtake competitors, he did Netflix decided to lower subscription prices in several than 30 countries. The move comes after the streaming giant's shares fell by almost 5 % in stock markets, causing the company to reassess its strategy.
With increasing competition in the streaming industry over the past year, it has Netflix just barely keeping up, causing the first user to focus on his strategy. Although the company added 7.6 million subscribers in the fourth quarter of 2022, it still lags behind rivals such as Disney+ and Paramount+. That's why Netflix looking for areas for improvement and attracting more customers.
Spokesman Netflix stated that the company is always looking for ways to improve the experience of its members and confirmed that the prices of its plans will be updated in some countries. Some countries will see significant price cuts, with reports suggesting subscription costs have been halved in some cases. However, it is not certain when the new fees will be introduced.
Unfortunately, the US and Canada are not included in the price cut, as the company raised prices in those regions a year ago. However, parts of the Middle East, Sub-Saharan Africa, Europe, Nicaragua, Ecuador, Venezuela in Latin America and Southeast Asia, including Malaysia, Indonesia, Thailand and the Philippines, will see their subscriptions significantly reduced.
The price cut is part of Netflix's strategy to attract more subscribers in many parts of the world. Despite its current success, the company faces fierce competition in the streaming industry and needs to find ways to improve its services and keep up with its rivals.
