Netflix decreased its subscription costs in more than 100 territories over the past week or so as customers continue to contemplate which streaming services to keep amid price hikes. The amount that Netflix is lowering its prices varies from country to country.
"We can confirm that we are updating the pricing of our plans in certain countries,” a Netflix spokesperson told TechCrunch.
According to research and analytics firm Ampere Analysis, it's estimated that the price drop affects more than 4% of Netflix’s subscriber base, which is over 10 million people. The firm noted that the price drop occurred in Indonesia, Thailand, Malaysia, Egypt, Ecuador, Vietnam, Morocco, Croatia, Kenya and the Philippines, among others, with discounts for the basic tier ranging between 20% and 60%.
Netflix’s Twitter account in Malaysia announced the good news to local customers, tweeting, “Starting today, our Basic Plan in Malaysia is now RM28 per month for both new and existing members.” The plan used to cost RM35 per month.
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
The move is slightly surprising given the current industry trend — but also, not really. Netflix has been under fire lately after rolling out password-sharing rules to Canada, New Zealand, Portugal and Spain. The changes will roll out to more countries in the coming months. This has sparked a wave of subscriber complaints across social media platforms. Netflix is the only streamer to charge its customers a fee for sharing their passwords. So, it’s possible that Netflix could be lowering prices to redeem itself.
Another potential reason for the price decrease is to fare against the competition. Paramount+, Apple TV+, Disney+ and Hulu are the most recent Netflix rivals to increase their subscription prices. Plus, Peacock recently removed its free tier as an option for new customers.
“We know members have never had more choices when it comes to entertainment,” a Netflix spokesperson told The Wall Street Journal. The spokesperson added that Netflix is committed to delivering an experience that exceeds expectations.
This isn’t the first time Netflix lowered the price of its service to win over subscribers. In 2021, the streamer made cuts to the subscription price in India, cutting each monthly subscription plan’s price by a minimum of 18% and up to 60.1%.
Updated 2/24/23 at 1:30 p.m. ET with statement from Netflix.