Last Updated: February 24, 2023, 08:49 IST
The previous 12 months has seen intense competitors within the streaming business as a pandemic-driven growth fades.
Netflix Inc mentioned on Thursday it has reduce costs of its subscription plans in some international locations because the streaming large seems to keep up subscriber progress amid stiff competitors and strained shopper spending.
Netflix Inc mentioned on Thursday it has reduce costs of its subscription plans in some international locations because the streaming large seems to keep up subscriber progress amid stiff competitors and strained shopper spending.
The inventory fell practically 5%, underperforming the broader market and on the right track for its worst day in additional than two months.
The previous 12 months has seen intense competitors within the streaming business as a pandemic-driven growth fades and shoppers curtail spending over fears of a potential recession, forcing firms to rethink their methods.
According to the Wall Street Journal, which first reported the information, the worth cuts came about in some international locations within the Middle East, sub-Saharan African, Latin America and Asia.
The cuts apply to sure tiers of Netflix in these markets – in some instances, the price of a subscription was halved, the Journal reported.
Netflix, which operates in over 190 international locations, has been seeking to develop its share in newer worldwide areas because the U.S. and Canada markets saturate. Earlier this month, it laid out plans to crack down on password sharing for accounts on its streaming platform.
The firm added about 7.6 million subscribers within the fourth quarter after bleeding subscribers within the first half of 2022 as rivals reminiscent of Paramount+ and Disney+ raked in subscribers.
But common income per membership declined throughout areas within the final three months of 2022.
“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 spokesperson for the corporate mentioned.
The spokesperson didn’t give additional particulars concerning the worth cuts.
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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)
