IT House Feb. 24 news, although several video platforms have recently announced price increases, Netflix announced on Thursday that they are preparing to reduce the pricing of its streaming subscription service in certain regions, involving a large number of countries and regions in Africa, Asia, Europe, Latin America and the Middle East, citing the desire to maintain subscriber growth despite fierce competition and tight consumer spending.
Netflix's stock then fell nearly 5 percent, its worst performance in more than two months.
According to the Wall Street Journal, these price cuts only apply to some levels of Netflix subscriptions, though in some cases close to half price. According to Amepere Analysis, Netflix will develop new pricing for its Basic, Standard, and Premium plans, with discounts ranging from 13% to 60%.
With saturated markets in the U.S. and Canada, Netflix is now present in more than 190 countries around the world in search of new market shares. Earlier this month, Netflix also laid out a plan to crack down on account sharing (see IT House previously reported).
After losing subscribers in the first half of 2022, the company only added about 7.6 million new subscribers in the fourth quarter, while competitors such as Paramount+ and Disney+ looked moist.
Netflix said that in the last three months of 2022, average revenue per member by region decreased. "We're always looking for ways to improve the member experience. We can confirm that we are updating our plan pricing for certain countries," a company spokesperson said.
The full list of regions where Netflix has reduced prices is as follows:
Afghanistan, Albania, Algeria, Angola, Bangladesh, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, British Indian Ocean Territory, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Central African Republic, Chad, Christmas Island, Comoros, Congo-Brazzaville, Congo-Kinshasa, Côte d'Ivoire, Croatia, Cuba, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Ethiopia, Fiji, Gabon, Gambia, Ghana, Grenada, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Indonesia, Iraq, Jamaica, Jordan, Kenya, Kiribati, Laos, Lebanon, Lesotho, Liberia, Libya, Macedonia, Madagascar, Malawi, Malaysia, Mali, Mauritania, Mauritius, Mongolia, Montenegro, Morocco, Mozambique, Myanmar, Namibia, Nepal, Nicaragua, Niger, Palestinian Territory, Panama, Papua New Guinea, Paraguay, Philippines, Pitcairn Islands, Romania, Rwanda, Samoa, Sao Tome and Principe, Senegal, Serbia, Seychelles, Sierra Leone, Slovenia, Solomon Islands, Somalia, South Sudan, Sri Lanka, Saint Barthélemy, Saint Helena, Saint Lucia, Saint Martin, Saint Vincent and the Grenadines, Sudan, Suriname, Eswatini, Tanzania, Thailand, Timor-Leste, Togo , Tonga, Tunisia, Tuvalu, Uganda, Vanuatu, Venezuela, Viet Nam, Wallis and Futuna, Yemen, Zambia and Zimbabwe.