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.



Oscars to Add New Award for Stunts

There will be an Oscar for stunts handed out at the 100th edition of the ceremony in 2028. Handout / GETTY IMAGES NORTH AMERICA/AFP
There will be an Oscar for stunts handed out at the 100th edition of the ceremony in 2028. Handout / GETTY IMAGES NORTH AMERICA/AFP
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Oscars to Add New Award for Stunts

There will be an Oscar for stunts handed out at the 100th edition of the ceremony in 2028. Handout / GETTY IMAGES NORTH AMERICA/AFP
There will be an Oscar for stunts handed out at the 100th edition of the ceremony in 2028. Handout / GETTY IMAGES NORTH AMERICA/AFP

A new Oscar for stunts will be handed out when Hollywood's glitziest party celebrates its 100th birthday, awards officials said Thursday.

The Board of Governors of the Academy of Motion Picture Arts and Sciences said films released in 2027 will be eligible for an Oscar for Achievement in Stunt Design, AFP said.

"Since the early days of cinema, stunt design has been an integral part of filmmaking," Academy CEO Bill Kramer and Academy President Janet Yang said in a statement.

"We are proud to honor the innovative work of these technical and creative artists, and we congratulate them for their commitment and dedication in reaching this momentous occasion."

Rules on eligibility and who will vote for the winner will be unveiled in two years' time.

The announcement marks the culmination of a growing campaign for a "best stunts" category at the Oscars, with supporters arguing that the input of the unsung performers who risk life and limb equals that of the sound mixers, makeup artists and visual effects gurus who are already honored.

Stunt work is already honored at some prestigious movie and TV ceremonies, such as the Screen Actors Guild Awards where "Fall Guy" took home the 2024 prize.

The Academy has been expanding the Oscars to create more categories that reflect how complex filmmaking has become.

Last year, a new Oscar was established for casting, which will be awarded for the first time next year.