As per media reports, Netflix is lowering its subscription price in more than 30 countries, except for the US, Canada, and the majority of Europe. During the company’s earning call, Netflix co-CEO Greg Peters hinted at the possible drop in subscription prices. He said; “We seek to serve more members around the world in trying to deliver appropriate value at those different price points, and we’re doing a good job expanding that range. There’s a bunch of people around the world in countries where we’re not deeply penetrated, and we have more opportunities to go attract them.”
Which Countries Are Eligible For the Reduced Subscription Price?
Although Netflix has not named the countries where the company is reducing its subscription prices. however, media reports suggest some of the countries that are expected to receive price cuts include; Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Malaysia, Indonesia, Thailand, and the Philippines. A tweet from Netflix Malaysia reads; “Starting today, our Basic Plan in Malaysia is now RM28 per month for both new and existing members.”
Kali ni, dropping down is good news ✅ Starting today, our Basic Plan in Malaysia is now RM28 per month for both new and existing members. pic.twitter.com/lcqMpHDJW1
— Netflix Malaysia (@NetflixMY) February 21, 2023
The development came as many rival streamers have raised the prices of their subscription plans. Even though Netflix is still the most popular streaming platform in most countries, it has been losing subscribers to its rivals including Amazon Prime Video, Disney+, HBO Max, and Apple TV+. Also, Netflix is the only streamer to charge its customers a fee for sharing their passwords so the new move could be a possible redemption.
Video Streaming Subscriptions Fall by Two Million in 2022
As per analysts, video streaming subscriptions in the UK fell by two million, from 30.5 million to 28.5 million. Analyst Kantar said that more than one in 10 consumers planned to cancel one or more subscriptions in the first three months of this year. He said; “Financial pressure increasingly meant cutting back on video streaming subscriptions.”
Also read: Netflix Shares Plans to Prevent Password Sharing Outside the Household