Netflix Cuts Prices In Over 30 Countries

(RTTNews) - Online video streaming giant Netflix (NFLX) has cut prices in over 30 countries globally as the company faces strong competition worldwide.

Prices have been cut in parts of Asia, Europe, Latin America, sub-Saharan Africa and the Middle East. Meanwhile, Netflix is not slashing prices in North America or Western Europe.

According to Variety, citing research firm Ampere Analysis, the price reductions span over 100 markets. Those include Malaysia, Indonesia, Thailand, the Philippines, Venezuela, Nicaragua, Ecuador, Kenya, Iran, Croatia, Bosnia and Herzegovina, Serbia, Albania, North Macedonia, Slovakia, Yemen, Jordan, Libya, Slovenia and Bulgaria.

For example, in Venezuela, Netflix's single-stream Basic plan is now $3.99/month, down 50% from $7.99 previously; the two-stream Standard plan is $5.99/month compared to $10.99 before; and the four-stream Premium tier is now $7.99/month versus $13.99.

"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 to BBC.