Netflix has taken heed of the streaming competition by cutting prices in more than 100 markets worldwide.
The goal is to maintain subscribers acquisition and retention, Variety reported.
The streamer has reduced prices–with some monthly plan fees cut in half–in countries and territories across Asia, Latin America, Europe, the Middle East, and Africa.
However, the streaming giant is not reducing prices in North America or Western Europe, its bigger and more established markets, ABC News reported.
The company’s stock fell close to 5% Thursday. It endured intense competition in the streaming market due to a pandemic-driven boom that has declined, and consumers watch their spending over fears of a possible recession, CNN reported.
The lower prices are adjusted for more than 30 of the roughly 190 countries where the company has streaming service, which started this week. The areas getting lower prices include Middle East markets in Yemen, Jordan, Libya, and Iran; European countries such as Croatia, Slovenia, and Bulgaria; and sub-Saharan African markets.
Netflix has increased its rates over the past four years in the U.S. to offset the cost of offering a lineup that includes popular series such as “The Crown” and “Stranger Things.”
Netflix has had to amp its features now that there are rivals–Apple, Amazon, and Walt Disney Co. Those factors, coupled with other reasons, caused Netflix to lose nearly 1.2 million subscribers during the first half of last year.
