Netflix Cuts Prices for Subscribers in 100+ Countries

Netflix has cut its prices in over 100 countries in areas like Asia, Europe, Latin America, sub-Saharan Africa and the Middle East. The price cuts, which are up to 50% come at a time when many people worldwide are hurting economically due to inflation and cost of living increases.

Bloomberg reports that, “the price cuts will impact more than 10 million subscribers…”

News of the price cuts made Netflix stock plummet 5.2%.

Additionally Bloomberg reports:

“Netflix is lowering prices in countries that account for a small percentage of its subscriber base. The company has already reduced prices in India and a few markets in Southeast Asia, where growth has been slow.”

Netflix announced earlier this year that the company will start ‘cracking down’ on its users’ ability to share passwords, which has the potential to increase the number of subscribers in western countries.