Over the past week, Netflix reduced its subscription prices in more than 30 countries as consumers continued to debate which streaming services to keep despite price hikes.
Egypt, Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Nicaragua, Ecuador, Venezuela, Malaysia, Indonesia, Vietnam, Thailand, and the Philippines are just a few places where prices have decreased.
Depending on the country, Netflix lowers its pricing to a different extent, although Ampere Analysis estimates that basic tier discounts range from 20% to 60%.
Almost 10 million Netflix subscribers, or more than 4% of the total subscriber base, are said to be impacted by the price reduction, according to the research and analytics company.
“Starting today, our Basic Plan in Malaysia is now RM28 per month for both new and existing members.” Netflix’s Twitter account in Malaysia announced the good news to local customers on Twitter. The plan used to cost RM35 per month.
Given the present industry trend, the decision is somewhat surprising—but not really.
After implementing password-sharing policies in Canada, New Zealand, Portugal, and Spain, Netflix has recently come under fire.
In the upcoming months, the modifications will be implemented in other nations. This has led to a flurry of customer complaints on social media sites.
The only streaming service that charges users for disclosing their passwords is Netflix. So, it’s possible that Netflix would reduce its fees to make amends.
Competing with the competition is a further factor for the price reduction. Recently, Netflix competitors Paramount+, Apple TV+, Disney+, and Hulu raised the cost of their subscriptions.
Moreover, Peacock recently eliminated its free tier as a choice for brand-new clients.
According to a Netflix spokeswoman, “we know members have never had more options when it comes to entertainment.”
The spokesman continued by saying that Netflix is dedicated to providing an experience that goes above and beyond.