Feb 23 (Reuters) – Netflix Inc ( NFLX.O ) said on Thursday it had cut prices for its subscription plans in some countries as the streaming giant tries to maintain subscriber growth amid fierce competition from rivals.
As the pandemic-induced boom cools and consumers become more cautious about spending, competition in the streaming business has increased, forcing companies to rethink their strategies.
According to The Wall Street Journal, which first reported on Netflix earlier in the day, the price cuts are coming to some Middle Eastern countries, sub-Saharan African markets and parts of Latin America and Asia.
The magazine reported that the cuts apply to certain Netflix tiers in those markets and in some cases cut the cost of a subscription in half.
Netflix, which operates in more than 190 countries, is looking to increase its share in new international territories as the US and Canadian markets become saturated. Earlier this month, it announced plans to limit password sharing for accounts on its streaming platform.
A company spokesperson said: “We are always looking for ways to improve our members’ experience. We can confirm that we are updating the pricing of our plans in certain countries.”
The representative did not reveal further details about the price reduction.
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