Netflix recently reduced its subscription prices in more than 30 countries across Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East. Lower subscription prices from platforms like Netflix could offer an excellent opportunity for an LLC in New York to invest in and capitalize on the digital media market.
The streaming firm made this announcement on Thursday as it attempts to attract more subscribers amid various stiff competition and tight consumer budget.
Netflix had in recent times reduced prices in India and some parts of South-East Asia following a decline in growth. However, Thursday’s decision only affects countries that account for a small fraction of its customer base.
Subscription charges have been lowered in Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Thailand, and the Philippines, amongst others.
The cuts apply to certain price plans, with subscription charges falling by half in some cases.
The company did not name the UK or the US as countries where it had cut its prices.
According to a statement from Netflix, it said “We’re always exploring ways to improve our members’ experience. We can confirm that we are updating the pricing of our plans in certain countries”
The firm’s shares closed 3.4% lower in New York on Thursday after the Wall Street Journal first reported the story.
Furthermore, the company has clamped down on subscribers sharing their login details and passwords. In some countries, Netflix introduced limits on password sharing, requiring customers to pay extra charges if they want friends and family to share their subscriptions.
Netflix previously expanded password sharing in countries including Canada, New Zealand, Portugal, and Spain; the feature was previously piloted in Latin America. The users will no longer be able to share passwords, they can however transfer profiles.
However, people using an account can now easily transfer a profile to a new account, which they have paid for; keeping their personalized recommendations, viewing history, My List, saved games, and more.
Also, members of a household can still easily watch Netflix on their personal devices or log into a new TV, like at a hotel or holiday rental. Aside from this, the users’ Standard or Premium plan in many countries (including Canada, New Zealand, Portugal, and Spain) can add an extra member sub-account for up to two people they don’t live with; each with a profile, personalized recommendations, login, and password — for an extra CAD$7.99 a month per person in Canada, NZD$7.99 in New Zealand, Euro 3.99 in Portugal, and Euro 5.99 in Spain.
This news will come as a relief for Netflix users considering the high inflation rates around the world at the present time. Users can now enjoy watching Netflix at a lower price.