Netflix Cuts Price of Subscription Plans: Netflix is the most watched OTT Platform worldwide. A lot of content including movies, web series, documentaries is available to watch on Netflix. People who are fond of watching content subscribe to Netflix to watch online content. For this they have to spend a considerable amount. But now Netlfix Inc (NFLX.O) has reduced the prices of its subscription plans (Netflix Subscription Plans). Let us tell you that after this Netflix stock fell by about 5 percent, which is the worst for the company in the last two months.
According to reports, Netflix has slashed the prices of its subscription plans in some countries. It is believed that the streaming giant has taken such steps to maintain subscriber growth and reduce user expenses amid increasing competition.
Why the price of Netflix subscription plan decreased
Let us tell you that the competition in the streaming industry has increased in the last year and after Kovid-19, users are turning to other options due to the expensive plans of Netflix. This is the reason that Netflix had to rethink about its policies and the company made its plans cheaper.
First of all, Wall Street Journal shared information related to Netflix’s plan. And told that the plan prices have been cut in about 30 countries in the Middle East, Africa, Latin America and Asia.
Explain that currently there are Netflix users in more than 190 countries and the company is focusing on increasing its userbase in new international markets like Canada and the US. In the same month, the company had given information like discontinuing the password sharing feature on its streaming platform.
Explain that after losses in the first half of 2022, the company added 7.6 million subscribers in the fourth quarter. Paramount+ and Disney+ subscribers were growing rapidly and Netflix got hit. In the last three months of 2022, the company also had a loss in average revenue across all markets.
Where Netflix Plans got cheaper
According to the news, Netflix has made its plans cheaper in about 30 countries. These include Middle-East countries like Jordan, Libya, Iran, Yemen, Kenya, African markets, European countries like Croatia, Slovenia and Bulgaria.
Apart from this, the company has also reduced the prices of its plans in many countries including Nicaragua, Ecuador and Venezuela in Latin America. Talking about Asian countries, countries like Thailand, Philippines, Indonesia and Malaysia have made their plans cheaper.
