Netflix has reduced the cost of its service in more than three dozen countries in recent weeks, as it tries to attract more subscribers amid stiff competition.
The recent price reductions span Middle Eastern countries including Yemen, Jordan, Libya and Iran; sub-Saharan African markets including Kenya; and European countries such as Croatia, Slovenia and Bulgaria, according to media reports.
This development comes amidst Netflix struggling financially against growing competition from other streamers such as Disney, on top of the global economic downturn. It had lost over a million subscribers in 2022 but was able to turn it around later in the year. However, it still remains in the woods financially.
This Techloy chart below shows that subscription prices are significantly higher in English-speaking countries like the USA and the UK with prices well above the global average of $10.16 due to their higher purchasing power compared to the rest of the world and are comparatively cheaper in African and Asian countries with an even more reduced rate according to data by a market insight site Comparitech.