Netflix Inc. has announced a reduction in its subscription prices plans in some countries, including Egypt to maintain subscriber growth amidst competition and tight consumer spending, CNN reported on Friday.
The price cuts took place in some countries in the Middle East, sub-Saharan Africa, Latin America and Asia, and are applied to certain tiers of Netflix in those markets, the costs were halved in some cases, according to the Wall Street.
In Egypt, the basic plan has been slashed from 120 Egyptian pounds ($3.27) to 70, standard from 165 to 120 pounds, with the premium cut from 200 pounds to 165.
While for Yemen, Iraq, Tunisia, Jordan, Palestine, Libya, Algeria, Lebanon, Iran, and Sudan will cost $3.99 instead of $7.99, its standard plan $7.99 instead of $9.99, and premium plan down from $11.99 to $9.99.
Netflix, which operates in over 190 countries, has been aiming to grow its business in more international regions, as it is currently struggling in the U.S. and Canada markets.
The streaming service laid out plans earlier this month to crack down on password sharing for accounts on its streaming platform.
Netflix gained 7.6 million subscribers in the fourth quarter, after losing many subscribers in the first half of 2022, with rival services, Paramount+ and Disney+ gained more subscribers.
The average revenue per membership declined in the last 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 Netflix spokesperson said.
The competition among streaming services reached a new peak the past year post-pandemic, as consumers cut on spending with concerns of an upcoming recession, making streaming companies rethink their strategies.
