Netflix has reduced the cost of its streaming services in more than 30 countries worldwide over the past few weeks, as reported by The Wall Street Journal.
This includes South-East Asian countries such as Malaysia, Indonesia, Thailand, and the Philippines. For Singaporeans though, it seems that we will have to wait.
In a January earnings call, co-Chief Executive Greg Peters said that Netflix has an opportunity to add new subscribers in markets where it doesn’t currently have a large share, according to The Wall Street Journal.
The price cuts are likely a bid to attract and retain subscribers, as subscribers in those countries could see cuts of up to 50 per cent for certain tiers of Netflix.
For instance, Netflix Malaysia announced that its Basic Plan will be reduced to RM28 per month, from the original price of RM35.
Kali ni, dropping down is good news ✅ Starting today, our Basic Plan in Malaysia is now RM28 per month for both new and existing members. pic.twitter.com/lcqMpHDJW1
— Netflix Malaysia (@NetflixMY) February 21, 2023
Might raise prices in other places
Peters also said that the company is looking for places where they can afford to raise prices, which helps them to continue investing in their content.
Despite the competitive streaming landscape with options such as Disney+, HBO Go and Apple TV+, among others, Netflix stated that it is “competing from a position of strength”.
According to the streaming service’s letter to shareholders, dated Jan. 19, 2023, Netflix also shared that it “leads the industry in terms of engagement, revenue and streaming profit”.
It said it is focused on continuing to improve its content and pricing options.
These current changes come off the back 0f Netflix’s announcement that they could begin to charge for password sharing in Q1 of 2023.
Netflix Singapore has also raised the prices of its subscription plans twice, by up to S$2 in Oct. 2021, and by up to $3 in Jan. 2020.
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Top image via Netflix Singapore.
