Netflix Reduces Subscription Price In Over 30 Countries: Check Which Regions Are Getting Cheaper Plans

Netflix's latest price change include countries in Middle East, sub-Saharan Africa, and European nations.

Netflix has a chance to get new customers in markets where it doesn't currently hold a dominant position.

Netflix, the popular OTT platform known for hit shows such as "Stranger Things" and "Bridgerton", has reportedly decided to reduce subscription prices in more than 30 countries. As per a report by The Wall Street Journal, the streaming giant has taken this call in an effort to bring in subscribers who are already spoilt for choices due to a growing number of streaming platforms. 

Netflix's latest price change include Middle Eastern countries such as Yemen, Jordan, Libya and Iran, sub-Saharan African markets such as Kenya, and European nations such as Croatia, Slovenia, and Bulgaria, as per the report, which noted, "In Latin America, nations including Nicaragua, Ecuador, and Venezuela have seen reductions in subscription costs, as have parts of Asia including Malaysia, Indonesia, Thailand and the Philippines."

"It definitely goes against the recent trends not just for Netflix, but for the broader streaming industry," John Hodulik, a media and entertainment analyst at UBS Group AG, was quoted as saying. Hodulik added that some of the said cuts on a percentage basis "are substantial."

Netflix's cost reductions only applied to some specific tiers in the affected countries.

Greg Peters, the Co-Chief Executive at Netflix, earlier hinted during a January earnings call that the streamer is looking for markets where they might raise rates to support ongoing content expenditures. "We think of ourselves as a non-substitutable good," he said.

According to him, Netflix also has a chance to get new customers in markets where it doesn't currently hold a dominant position.

"We know members have never had more choices when it comes to entertainment," and Netflix is dedicated to providing an experience that surpasses their expectations, a Netflix spokesperson said.

In January last year, Netflix raised the price for subscribers in the US and Canada. Later, in March, it bumped up its subscription prices for the UK and Ireland users.

However, in November, it added a cheaper $6.99 per month ad-supported plan.

(With inputs from IANS)