Netflix hiked US prices in the past year, but it's cutting them in more than 36 other countries
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- Netflix lowered its subscription prices in more than 36 countries over the past few weeks, per The Wall Street Journal.
- The move is part of the streaming giant's efforts to appeal to international markets.
- It comes after Netflix hiked its subscription prices in the US.
Netflix reduced its subscription prices in more than 36 countries over the past few weeks, the Wall Street Journal reported.
Price cuts have affected Middle Eastern countries like Yemen, Jordan, Libya and Iran; Latin American countries such as Nicaragua, Ecuador, and Venezuela; Asian countries like Malaysia, Indonesia, Thailand and the Philippines. African countries like Kenya, and Eastern European countries like Croatia, Slovenia, and Bulgaria have also been impacted, the Journal reported.
The steaming service's prices cuts will affect various tiers of Netflix plans and are specific to each country, per the report. Some countries will be see their subscription prices drop to half of the original price.
Netflix did not respond to Insider's request for comment before publication.
The reduction in subscription prices is part of Netflix's plans to grow its customer base outside of the US, the Journal reported.
"There's a bunch of people around the world in countries where we're not deeply penetrated, and we have more opportunity to go attract them," Greg Peters, the co-CEO of Netflix, said about the company's pricing changes on a January earnings call.
"We know members have never had more choices when it comes to entertainment," a Netflix spokesperson told the Journal. "The company is committed to delivering an experience that exceeds their expectations."
The changes come after Netflix announced its plans for cracking down on account sharing and launched an ad-supported subscription plan, efforts Netflix said will create new revenue streams after it saw two quarters of subscriber loss last year. It returned to strong subscriber growth in Q4.
The US is one country that will not be affected by the price cuts. In fact, Netflix began rolling out price hikes to its US and Canadian subscription plans in March 2022, which it said will allow it to spend more on making new movies, TV shows, and, now, video games, The Verge reported.
"We think of ourselves as a non-substitutable good," Peters said in the January call.