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
TT
20

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.



Katy Perry Set to Roar into Space on All-female Flight

(FILES) US singer Katy Perry attends the Baby2Baby gala at Pacific Design Center in West Hollywood, California, November 9, 2024. (Photo by Michael Tran / AFP)
(FILES) US singer Katy Perry attends the Baby2Baby gala at Pacific Design Center in West Hollywood, California, November 9, 2024. (Photo by Michael Tran / AFP)
TT
20

Katy Perry Set to Roar into Space on All-female Flight

(FILES) US singer Katy Perry attends the Baby2Baby gala at Pacific Design Center in West Hollywood, California, November 9, 2024. (Photo by Michael Tran / AFP)
(FILES) US singer Katy Perry attends the Baby2Baby gala at Pacific Design Center in West Hollywood, California, November 9, 2024. (Photo by Michael Tran / AFP)

Pop star Katy Perry will be the biggest name in an all-female group set to touch the edge of space Monday, roaring into the cosmos on one of billionaire Jeff Bezos' rockets.

The "Firework" and "California Gurls" singer will be lofted more than 100 kilometers (60 miles) above the Earth's surface in a vessel from Blue Origin, the space company owned by the Amazon founder.

Five other women including Bezos' fiancee Lauren Sanchez will join the flight, slated to blast off from western Texas at around 8:30 am (1330 GMT), AFP said.

Their fully automated craft will rise vertically before the crew capsule detaches mid-flight, later falling back to the ground slowed by parachutes and a retro rocket.

Monday's mission is the first all-female space crew since Valentina Tereshkova's historic solo flight in 1963.

It is also the 11th sub-orbital crewed operation by Blue Origin, which has offered the space tourism experiences for several years.

The company does not publicly communicate the price of trips made possible by its New Shepard rocket.

Lasting around 10 minutes, the flight will bring the passengers beyond the Karman line -- the internationally recognized boundary of space.

There will be a brief period when the women can unbuckle from their seats and float in zero gravity.

'Inspiration'

Perry recently told Elle magazine that she was taking part "for my daughter Daisy," whom she shares with actor Orlando Bloom, "to inspire her to never have limits on her dreams."

"I'm just so excited to see the inspiration through her eyes and the light in her eyes when she sees that rocket go, and she goes back to school the next day and says 'Mom went to space'," Perry added.

Perry, launched onto the international stage with her 2008 hit "I Kissed a Girl," will sit alongside TV presenter Gayle King, film producer Kerianne Flynn, former NASA scientist Aisha Bowe and Amanda Nguyen, founder of a campaign group against sexual violence.

They follow 52 previous Blue Origin passengers, including longtime "Star Trek" leading man William Shatner.

Such high-profile guests are intended to keep public interest in Blue Origin's work, as it battles multiple rival firms in the space tourism field.

Bezos' top challenger in passenger flights is Virgin Galactic, which offers a similar sub-orbital experience.

But Blue Origin aims in future to bring space tourists into orbit, competing directly with Elon Musk's SpaceX.

In January, Blue Origin's much more powerful New Glenn rocket successfully completed its first unmanned orbital mission.