Netflix, the world’s largest video streaming service, has reduced prices of its subscription plans up to half in more than three dozen countries. These include Middle Eastern nations, sub-Saharan Africa and European countries.
Among its content is a large library of movies and TV shows in all genres, including comedy, sci-fi, horror, reality, drama, animation, and cult classics. It also has original programming, such as House of Cards and Orange Is the New Black.
Streaming giant Netflix has cut prices of subscription plans up to half in more than 30 countries across Asia, Europe, Latin America and the Middle East. The company announced the move on Thursday as it seeks to attract more subscribers amid stiff competition and strained consumer spending.
The main food of the Middle East is vegetables and pulses, boiled, stewed, grilled, stuffed, or roasted, usually with meat and rice (as in the Turkish hunkar begendi). Green leaf vegetables such as chard and cabbage are also commonly used, but root and bulb varieties such as onion, garlic, and turnip are more common.
Cheese is another essential ingredient, and the region produces a rich variety. Sheep and goat milk, like the Greek feta, are popular; white cheeses such as the Ottoman halim and the Syrian haloumi have long been prized. Other cheeses are more local and little known, especially in the mountainous regions of Anatolia, Kurdistan, and Lebanon.
Netflix has recently cut the prices of its subscription plans in more than 30 countries, including Middle Eastern and sub-Saharan Africa as well as European nations such as Croatia, Slovenia and Bulgaria. Ampere Analysis says the discounts on its basic tiers range from a 20% to nearly 60%.
The streaming giant is also expanding into Central and Eastern Europe. Currently, Netflix operates in Poland, Romania, Hungary and the Czech Republic, but it intends to open an office in Warsaw later this year that will be responsible for boosting business operations in the region.
According to Larry Tanz, VP of series EMEA at Netflix, the Warsaw office will strengthen its presence in CEE. It will focus on building long-term cooperation and deepening existing ties with creative partners in the region, as well as creating new opportunities for content creators.
Since launching its service in Poland in 2016, Netflix has invested over 490 million PLN ($115 million) in original Netflix films and series, which have created more than 2,600 jobs in productions, acting, scriptwriting and below-the-line crews. In addition, the company regularly licenses popular local titles in Polish and neighboring countries such as Czechia, Romania and Hungary.
Netflix has cut prices of its subscription plans up to half in some countries, bucking the trend of other streaming services that have been increasing their prices in recent months. The move is said to be aimed at keeping the company’s subscriber growth steady, amid stiff competition and strained consumer spending.
According to a Wall Street Journal report, the price reductions will be affecting customers in more than 30 regions around the world. They include nations in Asia, Europe, Latin America, and the Middle East.
The moves appear to follow a shift in the business model late last year and a recent CEO change. They also come against the backdrop of a broader financial slump for the streamer.
Wolfe Research analyst Peter Supino believes the international price cuts may be a pre-step to head off churn. They could also be an attempt to make the service more attractively priced before implementing paid sharing crackdowns, which would likely have a negative impact on Netflix’s global ARPU.
Netflix NFLX -2.01%cuts prices of its subscription plans up to half in some countries as it looks to maintain subscriber growth amid stiff competition and strained consumer spending. The stock fell nearly 5% on the news, underperforming the broader market and on course for its worst day in more than two months.
The price cuts affect a range of first-tier ad-free plans that allow members to watch Netflix on one device at a time, and download content for offline viewing. They were initially announced in Thailand, Malaysia, Indonesia, and the Philippines.
Asia is the world’s largest region by population, and it is also one of the most lucrative markets for Netflix. But it is also a market that is still in its nascent stages of streaming adoption.
In an effort to grow in the Asia-Pacific region, Netflix is betting on investing millions of dollars into original and licensed content. It also is trying to persuade cable providers to give its service access to their customers.