Streaming company Netflix announced its plan to slash subscription prices in more than 30 countries in a bid to attract more subscribers.

BBC reported on Friday that prices have been cut in parts of Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East.

The move was announced to address the rising cost of living that has affected households coupled with emerging rival services competing with Netflix.

“Members have never had more choices when it comes to entertainment,” a company spokesperson told the BBC.

Countries in which subscription charges have been lowered include Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya and Iran.

The cuts apply to certain price plans, with subscription charges dropping by half in some cases, but the company did not mention the United Kingdom or the United States as countries where it had cut its prices.

“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 firm’s shares closed 3.4% lower in New York on Thursday after the Wall Street Journal first reported the story.

Netflix, which operates in more than 190 countries, has encountered increased rivalry from streaming competitors such as Amazon, HBO and Disney.

In 2022, the firm cut hundreds of jobs and launched a less expensive streaming option with adverts as it fought to grow its share of the increasingly competitive streaming market.

In January, Netflix co-Chief Executive Officer, Greg Peters outlined how he planned to attract more subscribers.

“We want to make that spectrum even wider as we seek to serve more members around the world and trying to deliver appropriate value at those different price points,” Peters said.

The company Is also cracking down on people sharing their subscriptions.

Netflix introduced limits on password sharing in more countries earlier this month. These require customers to pay an extra fee if they want friends and family who do not live with them to share their subscriptions.

Last summer, Netflix revealed that it had lost almost a million subscribers between April and the end of June as more people decided to quit the service.

However, in January the company said subscriber numbers had jumped at the end of 2022. (Vanguard)

Update news