Netflix has been working on its latest policies that prevent users from sharing their accounts with others in an attempt to increase revenue for the company. As this news has disappointed many users, the company is cutting subscription prices in countries all around the world.
When the Netflix Company was started, it was all alone in the market, but now, as we see, it has expanded to many other streaming platforms. There is quite a lot of competition within these streaming applications all around the world. However, Netflix is still quite popular in many countries and isn’t losing any subscribers to Amazon Prime Video, Disney +, HBO Max, or Apple TV+.
The issue is all about its pricing, which is quite expensive compared to other streaming apps. Netflix’s premium plan charges $19.99 per month for 4K streaming. Apple costs $6.99 per month, whereas Disney+ costs $7.99 per month.
In November 2022, in an effort to increase the number of customers, Netflix unveiled a new ad-based plan. For the same price as competing streaming services that allow you to share your account and watch videos in 4K resolution, it still has a lot of limitations. It’s not surprising that Netflix has had difficulty attracting new subscribers and keeping its current ones.
At least in the markets where the firm appears to be struggling the most, it now appears like Netflix is willing to make its service more competitive in terms of pricing.
As per reports from The Wall Street Journal (via The Verge), Netflix is reducing subscription prices in more than 30 countries. These countries include Yemen, Jordan, Libya, Iran, Kenya, Slovenia, Bulgaria, Nicaragua, Ecuador, Malaysia, Indonesia, Thailand, and the Philippines.
In many countries, Netflix has made its subscriptions 50% cheaper. A country spokesman confirmed the country’s updated plans in some regions but did not specify which ones. Although prices will remain the same in the US, UK, Canada, France, Spain, Germany, Mexico, and Brazil,
Netflix has increased its price plan all around the world in 2022. When a company lowers its prices in this manner, there are far fewer points. However, this move can be seen as a struggle to gain more subscribers, given the difference it made by preventing password sharing.
Netflix has lost nearly 200,000 subscribers since the beginning of 2022, which has been attributed to users who shared their passwords with others. According to the company, it has more than 100 million users who do not pay for the subscription but use the platform.
In spite of solving this issue, Netflix is tracing the login location for a solution to this issue. This new step will not let users share passwords with those who are living in different locations. These latest amendments were first introduced in Latin American countries and have been recently expanded to Canada, New Zealand, Portugal, and Spain.
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