Netflix recently expanded its new policy that aims to prevent users from sharing their passwords with others in an attempt to increase the company’s revenue. However, as the news has left many users upset, the company is now cutting the prices of its subscriptions in multiple countries around the world.
Netflix getting cheaper in some regions
As reported by The Wall Street Journal (via The Verge), Netflix has announced that it’s reducing subscription prices in more than 30 countries. This includes Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Malaysia, Indonesia, Thailand, and the Philippines.
In some countries, Netflix subscriptions are now 50% cheaper. A company spokesperson confirmed that Netflix is “updating” the prices of its plans in some regions but didn’t specify exactly where. However, prices will remain the same in key Netflix markets such as the US, UK, Canada, France, Spain, Germany, Mexico, and Brazil.
Netflix increased the price of its plans around the world in 2022. There have only been a couple of times when the company announced it was cutting its prices. Although the reasons are unclear, the move comes as Netflix struggles to gain new subscribers amid the streaming war.
Netflix blamed users who share their passwords with friends and family for losing more than 200,000 subscribers in the first quarter of 2022. According to the company, the platform has more than 100 million users who don’t pay for a Netflix subscription.
As a result, Netflix has now been checking the location of where users access their account to prevent people from sharing their password with others who don’t live in the same house. This system was first introduced in some Latin American countries and recently expanded to Canada, New Zealand, Portugal, and Spain.
The streaming war
A few years ago, Netflix dominated the streaming market pretty much alone. However, the platform now has dozens, if not hundreds, of competitors around the world. Even though Netflix is still the most popular streaming platform in most countries, it has been losing subscribers to Amazon Prime Video, Disney+, HBO Max, and Apple TV+.
But the problem is Netflix is considerably more expensive than its competitors. Netflix’s Premium plan offers 4K streaming at $19.99 per month. However, Apple TV+ costs only $6.99 per month, while Disney+ costs $7.99 per month.
In November 2022, Netflix introduced a new ad-based plan in an attempt to attract more subscribers. Still, it has a lot of limitations for the same price as other streaming platforms that let you share your account and watch videos in 4K resolution. It’s no surprise that Netflix has been struggling to retain its current subscribers and get new ones.
Now it seems that Netflix is finally willing to make its service more competitive when it comes to pricing, at least in markets where the company seems to be having the most trouble.
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