Netflix cuts prices as streaming feels the squeeze of its own making
Netflix is cutting prices in more than 30 countries, but don’t expect the streaming giant to be so benevolent in the United Kingdom.
The company has been largely preoccupied with raising prices and maximising value from individual subscribers by cutting out password sharing in many countries. Brits are yet to fall victim to the crackdown on password sharing, but are paying more for their subscriptions.
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However, the company seems to be grasping that there’s almighty competition for the streaming buck these days and that continually putting prices out of the reach of people or cutting off access to others might not be the way to grow the user base.
Thus, a subscription to Netflix is getting cheaper in areas of five continents, including the European countries of Croatia, Slovenia and Bulgaria, according to a report from The Wall Street Journal on Thursday.
Other reports have pointed out the price cuts are affecting Yemen, Jordan, Libya, Iran, Kenya, Nicaragua, Ecuador, Malaysia, Indonesia, Thailand, and the Philippines, Bosnia, Herzegovina, Serbia, Albania, North Macedonia, and Slovakia.
The company hasn’t gone into detail about the where or why but said it was updating the prices of its plans “certain countries”.
The US, Canada and most of Europe won’t be benefitting from the price cut, but that’s not to say it won’t happen in the future. Netflix recently said it was reexamining ways to offer more value for customers in different parts of the world. It has also launched a Netflix Basic with Ads tier that offers access if viewers are prepared to put up with commercials.
“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,” Netflix co-CEO Greg Peters said in January. “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.”
And, to be fair to Netflix, it is far from alone in raising prices continually – it has just been at it for longer compared to the likes of Disney Plus.