(Reuters) – Netflix Corp said on Thursday it had cut prices on its plans in some countries, in a move by the streaming giant to maintain subscriber growth amid stiff competition from rivals.
With the pandemic-fueled boom cooling off and consumers reining in spending, competition in the streaming business has increased, prompting companies to rethink strategies.
According to the Wall Street Journal, the price cuts cover some countries in the Middle East, markets in sub-Saharan Africa and parts of Latin America and Asia. Sought in Brazil, Netflix did not immediately comment on the matter.
Price cuts in some cases halve the cost of a subscription, the Journal reported.
Netflix, which operates in more than 190 countries, has been looking to grow its share in new regions around the world as markets in the United States and Canada become saturated. Earlier this month, the company also disclosed plans to clamp down on account password sharing.
“We can confirm that we are updating the prices of our plans in certain countries,” a company spokesman in the United States said without elaborating.
(By Eva Mathews in Bengaluru, India)
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