Here’s where Netflix is cutting prices to boost subscriptions

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.

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

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.

Category: Technology

Source: NYPost Technology