Netflix Cuts Prices in Some Countries to Boost Subscriptions

The Netflix series "Squid Game" is played on a mobile phone in this picture illustration taken September 30, 2021. REUTERS/Kim Hong-Ji/Illustration
The Netflix series "Squid Game" is played on a mobile phone in this picture illustration taken September 30, 2021. REUTERS/Kim Hong-Ji/Illustration
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Netflix Cuts Prices in Some Countries to Boost Subscriptions

The Netflix series "Squid Game" is played on a mobile phone in this picture illustration taken September 30, 2021. REUTERS/Kim Hong-Ji/Illustration
The Netflix series "Squid Game" is played on a mobile phone in this picture illustration taken September 30, 2021. REUTERS/Kim Hong-Ji/Illustration

Netflix Inc said on Thursday it has cut prices of its subscription plans in some countries as the streaming giant looks to maintain subscriber growth amid stiff competition and strained consumer spending.

The stock fell nearly 5%, underperforming the broader market and on course for its worst day in more than two months.

The past year has seen intense competition in the streaming industry as a pandemic-driven boom fades and consumers curtail spending over fears of a possible recession, forcing companies to rethink their strategies.

According to the Wall Street Journal, which first reported the news, the price cuts took place in some countries in the Middle East, sub-Saharan African, Latin America and Asia.

The cuts apply to certain tiers of Netflix in those markets - in some cases, the cost of a subscription was halved, the Journal reported.

Netflix, which operates in over 190 countries, has been looking to grow its share in newer international regions as the US and Canada markets saturate. Earlier this month, it laid out plans to crack down on password sharing for accounts on its streaming platform.

The company added about 7.6 million subscribers in the fourth quarter after bleeding subscribers in the first half of 2022 as rivals such as Paramount+ and Disney+ raked in subscribers.

But average revenue per membership declined across regions in the last three months of 2022.

"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 spokesperson for the company said.

The spokesperson did not give further details about the price cuts.



Nate Bargatze Will Host the 2025 Emmy Awards

Nate Bargatze Will Host the 2025 Emmy Awards
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Nate Bargatze Will Host the 2025 Emmy Awards

Nate Bargatze Will Host the 2025 Emmy Awards

Stand-up comedian Nate Bargatze will host the 77th Emmy Awards, CBS announced Wednesday.
One of the most popular stand-ups currently working, Bargatze will emcee the Sept. 14 ceremony at the Peacock Theater in Los Angeles.
While the Oscars have found success with Conan O'Brien, set to return in 2026, and the Golden Globes with returning host Nikki Glaser, the Emmys have had a harder time finding a regular host, The Associated Press reported. The last four Emmys have been hosted by Eugene and Dan Levy, Anthony Anderson, Kenan Thompson and Cedric the Entertainer.
“Nate is one of the hottest comics in the business with a remarkable and hilarious brand of comedy that deeply resonates with multi-generational audiences around the globe,” said Cris Abrego, chair of the Television Academy.
Bargatze, while yet to emcee a major awards show, is among the most sought-after entertainers, releasing three Netflix specials including December's “Your Friend, Nate Bargatze” and hosting “Saturday Night Live.” With more than 1.2 million tickets sold in 2024, according to Pollstar, he was the top-earning comedian of the year.
“It’s a huge honor to be asked to host such an iconic awards show and I’m beyond excited to work with CBS to create a night that can be enjoyed by families around the world,” Bargatze said.
Last year's Emmys, hosted by the father-son Levy duo, reached 6.87 million average viewers, according to Nielsen, up 54% from the previous year.