Netflix slashes subscription costs with focus on Asia and Latin America

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Netflix has reduced its subscription prices in over 30 countries across the world, in the regions such as West Asia, sub-Saharan Africa, parts of eastern Europe, Latin America and South East Asia. The move is being seen as the streaming giant’s attempt to appeal customers around the world across diverse socio-economic strata.

In some markets, Netflix has halved the cost of a subscription, the Wall Street Journal reported.

Netflix subscription price cuts: Where all is it happening?

Netflix cut its subscription prices in West Asian countries such as Yemen, Jordan, Libya and Iran. The beneficiary subscribers in sub-Saharan Africa will come from countries including Kenya and Tanzania; and east European countries such as Croatia, Slovenia and Bulgaria. 

ALSO WATCH | Tech in Trend: Why is Netflix losing subscribers?

Latin American nations including Nicaragua, Ecuador and Venezuela have seen reduction in their Netflix subscription costs. In Asia, subscribers in Malaysia, Indonesia, Thailand and the Philippines have started to pay lesser than before to avail the streaming services of Netflix.  

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. 

The streaming players, including Netflix and HBO Max, have diversified their subscriptions in recent months based on the market-tier and spending power capacities.

Netflix subscription cuts: Subscriber growth fastest in India in 2022

Meanwhile, Netflix Co-Chief Executive Officer Ted Sarandos Friday said that India grew the fastest among all countries in the world in 2022. The streaming giant with its recalibrated subscription strategies achieved $5.6 billion in operating income over revenues of $32 billion. It reportedly recorded a 30 per cent increase in engagement or watch time and a 25 per cent rise in revenues were reported to be from India.

Netflix services are available in 190 countries and territories, covering almost all of the habitable world. The streaming giant has focused on adapting its subscriptions with respect to the growing competition as well as changing viewing habits of people in a post-pandemic world.

(With inputs from agencies)

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