Netflix cuts subscription prices in more than 30 countries

Netflix has slashed subscription rates in more than 30 countries across Asia, Europe, Latin America, sub-Saharan Africa and the Middle East.

The streaming giant announced the decision on Thursday as it attempts to attract more subscribers amid stiff competition and strained consumer spending.

Subscription charges have been lowered in Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya and Iran, among others. The firm however

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.

“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,” a Netflix spokesperson said in a Reuters report.

The firm’s shares closed 3.4% lower in New York on Thursday after the Wall Street Journal first reported the story.

 

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