Why Your Netflix Subscription May Be Getting Cheaper
Reading Time: 3 minutesIs your Netflix subscription cheaper? You aren’t the only one. Here’s what happened and why Netflix is making these changes.
As the streaming wars heat up, Netflix is feeling the heat. While the service maintains its hold on the streaming market, its competitors are coming in hot. So, Netflix is doing an about-turn and lowering subscription prices in some countries. Continue reading to learn why you could pay less for your Netflix plan.
Netflix Lowers Subscription Prices in More Than 30 Countries
Netflix is doing the unexpected. According to The Wall Street Journal, the streaming service has dropped its subscription prices in several countries worldwide. In some cases, Netflix has gone as far as cutting its prices in half.
As with any company that’s been around for a while, Netflix’s history is filled with twists and turns. More specifically, the company has implemented some interesting and newsworthy changes over the years. Some of these changes haven’t gone down well with users.
For example, Netflix started cracking down on password sharing in an effort to motivate more viewers to get their own subscriptions. And at the beginning of 2022, Netflix increased its subscription prices across the US and Canada.
Fast forward to 2023, and the streaming service is doing the opposite by cutting the price of its plans in some regions. However, this isn’t completely out of the left field for Netflix. In 2021, Netflix slashed its subscription prices in India. Look out for price changes if you live in the following regions:
- Europe
- Asia
- Sub-Saharan Africa
- Latin America
- The Middle East.
The price update is being implemented in parts of the continents listed above. However, they, unfortunately, don’t apply to the US, Canada, and the UK.
Why Your Netflix Subscription May Be Getting Cheaper
If anything, streaming services are increasing their subscription prices, which makes Netflix’s move unconventional. So, why is Netflix going against the grain?
It’s no surprise that competitors like Disney+, Paramount+, and HBO Max are giving Netflix a run for its money. In fact, the increased competition has left some Netflix subscribers wondering whether Netflix or Disney+ deserves their coins. With so many options on the market, even Netflix stans could consider going with the streaming service that offers better value for money.
Netflix is, therefore, dropping its prices in more than 30 countries to stay ahead of its rivals. According to the BBC, a Netflix spokesperson had this to say about the price cuts:
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.
This is possibly another strategy by Netflix to woo more subscribers after adding a cheaper Basic with Ads subscription plan in 2022. Netflix is perhaps focusing on countries where subscriber numbers are dwindling.
Additionally, the streamer’s subscriber numbers tend to fluctuate each quarter. The price cuts could be an effort to stabilize those numbers or keep them on an upward trajectory.
While Netflix’s ban on password sharing was geared toward encouraging non-account holders to sign up for the service, it might lead to subscription cancelations instead. As noted in Netflix’s Q4 2022 shareholder letter:
From our experience in Latin America, we expect some cancel reaction in each market when we roll out paid sharing, which impacts near term member growth.
This suggests that Netflix is dropping prices to dissuade account holders in Latin America and similar regions from canceling their subscriptions as it clamps down on password sharing.
More importantly, Netflix might finally be accessible to viewers who couldn’t afford a monthly subscription. At the time of writing, Netflix’s cheapest tier is its Basic with Ads plan for $6.99/month, which is only available in a few regions. The next plan, its Basic plan, costs $9.99/month.
Netflix’s price drop in more than 30 countries makes its prices competitive, which could make it the number one choice in those regions.
Enjoy Netflix for Less
Netflix is giving viewers in some countries the opportunity to enjoy its service for less money. If you’ve canceled your Netflix account, you might consider subscribing again. And if you were sharing someone else’s account, you may finally get your own subscription.
Reference: https://www.makeuseof.com/why-netflix-subscription-may-get-cheaper/
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