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Netflix streaming company is reducing its subscription fees, and more than 30 countries will benefit from this latest price adjustment. The cuts will apply to some subscription tiers, with some options getting as much as 50% price off.
As per BBC News, Netflix's decision to lower its prices comes amid the rising cost of living that is pushing households to spend less. Most of the time, people now only spend on the main necessities to survive in this time when inflation is really high.
Moreover, Netflix is facing many competitors these days. Compared to when it was just launched, the streaming giant saw an increase in the number of rivals as major companies introduced their respective streaming services as well. Many television broadcasting firms and film studios have created streaming platforms that have apparently threatened Netflix's global market, so the company is finding ways to secure a huge share.
In any case, some of the countries that will enjoy the latest Netflix price drop include Indonesia, Malaysia, Philippines, Thailand, Venezuela, Kenya, Iran, and Croatia. It was added that prices were also cut in other regions, including parts of Latin America, Europe, and the Middle East.
The company did not include the United States and the United Kingdom in the list of where it will reduce subscription fees.
"We are always exploring ways to improve our members' experience," the company's spokesman stated. "We can confirm that we are updating the pricing of our plans in certain countries."
Meanwhile, in Asia, Taiwan was reportedly excluded from the list too. Taipei Times reported that Netflix confirmed the price drops in some countries last week, but Taiwan was left out. The streaming service provider did not reveal the exact percentage of price cuts, but this could be announced soon.
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