# Netflix cuts prices in some countries to boost subscriptions, shares drop
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-02-24
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Netflix Cuts Subscription Prices in Some Countries Amid
Meta Description: Netflix reduces prices in certain regions to boost subscriber growth and counter competition amid economic challenges. Learn more here.
URL: https://financedigest.com/netflix-cuts-prices-in-some-countries-to-boost-subscriptions-shares-drophtml

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(Reuters) -Netflix Inc said on Thursday it has cut prices of its subscription plans in some countries as the streaming giant looks to maintain subscriber growth amid stiff competition and strained consumer spending.

The stock fell nearly 5%, underperforming the broader market and on course for its worst day in more than two months.

The past year has seen intense competition in the streaming industry as a pandemic-driven boom fades and consumers curtail spending over fears of a possible recession, forcing companies to rethink their strategies.

According to the Wall Street Journal, which first reported the news, the [price cuts](https://www.financedigest.com/tesla-expands-discounts-with-price-cuts-in-europe-singapore-israel.html "Tesla expands discounts with price cuts in Europe, Singapore, Israel") took place in some countries in the Middle East, sub-Saharan African, Latin America and Asia.

The cuts apply to certain tiers of Netflix in those [markets – in some cases](https://www.financedigest.com/continual-inventions-to-accelerate-the-asia-pacific-mobile-protective-cases-market.html "Continual Inventions To Accelerate The Asia Pacific Mobile Protective Cases Market"), the cost of a subscription was halved, the Journal reported.

Netflix, which operates in over 190 countries, has been looking to grow its [share in newer international regions](https://www.financedigest.com/skull-deformity-implants-market-share-top-operating-players-recent-enhancements-and-regional-analysis-2028.html "Skull Deformity Implants Market Share, Top Operating Players, Recent Enhancements and Regional Analysis 2028") as the U.S. and Canada [markets saturate](https://www.financedigest.com/packaging-applications-to-significantly-boost-the-demand-for-latex-saturated-paper-market.html "Packaging Applications To Significantly Boost The Demand For Latex-Saturated Paper Market"). Earlier this month, it laid out plans to crack down on password [sharing for accounts](https://www.financedigest.com/the-sharing-economy-whats-in-it-for-accountants.html "THE SHARING ECONOMY: WHAT’S IN IT FOR ACCOUNTANTS?") on its streaming platform.

The company added about 7.6 [million subscribers in the fourth quarter after bleeding subscribers in the first half of 2022 as rivals](https://www.financedigest.com/wizz-air-loses-fight-against-67-million-in-state-aid-for-romanian-rival.html "Wizz Air loses fight against million in state aid for Romanian rival") such as Paramount+ and Disney+ raked in subscribers.

But average [revenue per membership declined across regions](https://www.financedigest.com/forestry-equipment-tires-market-to-witness-stellar-revenue-growth-across-top-regional-pockets.html "Forestry Equipment Tires Market to Witness Stellar Revenue Growth Across Top Regional Pockets") in the last three months of 2022.

We’re [always exploring ways to improve](https://www.financedigest.com/5-ways-to-improve-your-financial-literacy.html "5 Ways to Improve Your Financial Literacy") our members’ experience. We can confirm that we are updating the [pricing of our plans](https://www.financedigest.com/factbox-u-s-offers-new-details-on-plan-to-cap-russian-oil-prices.html "Factbox-U.S. offers new details on plan to cap Russian oil prices") in certain countries,” a spokesperson for the company said.

The spokesperson did not give further details about the [price cuts](https://www.financedigest.com/tesla-posts-record-quarterly-deliveries-after-price-cuts-up-4-from-q4.html "Tesla posts record quarterly deliveries after price cuts, up 4% from Q4").

(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli and Krishna Chandra Eluri)


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