Netflix officials have announced that the company will be cutting some of its subscription prices in Jamaica and over 30 other countries as it attempts to attract additional subscribers to the platform.
After enjoying over a decade of streaming supremacy, Netflix has faced increasing streaming competition in the past few years from several rival companies, which include HBO Max, Amazon, and Disney Plus. The company slashed hundreds of jobs and introduced a lower-priced streaming alternative with advertisements last year to increase its share of the fiercely competitive streaming industry,.
Netflix also announced plans to put a stop to subscription sharing and told customers earlier this month that sharing their subscriptions with friends or relatives who do not live with them would cost an additional fee.
The company’s decision to cut costs in specific countries follows rising living expenses, which are causing some households to restrict their budgets. Almost a million subscribers left Netflix in 2022 between April and the end of June.
The streaming service has cut prices in Latin America, sub-Saharan Africa, the Middle East, and parts of Asia. Jamaica, Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran have been named among the countries that will receive reduced subscription charges. America and the United Kingdom have not been listed among the countries.
Reports state that the price cuts will apply to certain plans, and some subscription fees will be reduced to half of their current cost.
A Netflix spokesperson confirmed the cuts to the BBC and said that its members had never had more options when it comes to entertainment and that the company is consistently exploring ways to improve their experience.