Netflix announces a price cut in several Latin American countries
The company says the move is driven by the fact that subscribers "have never had more choices when it comes to entertainment."
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Netflix continues to face an unprecedented crisis. After announcing the end of shared accounts, the streaming platform announced a generalized price reduction in several Latin American countries. Thus, Bolivia, Cuba, Venezuela, Nicaragua and Paraguay will see the cost of the online service reduced by 50%. El Salvador, the Dominican Republic, Honduras, Ecuador, Guatemala and Panama will also see a price decrease, although somewhat less (approximately 40%).
Latin America will not be the only beneficiary of this drop in price. As announced by the company, nearly 100 markets around the world will see the cost of Netflix go down. Countries such as Yemen, Jordan, Libya, Iran, Kenya, Croatia, Slovenia, Bulgaria, Malaysia, Indonesia, Thailand and the Philippines will also see a reduction in the monthly price for the streaming platform. This was explained by Ampere Analysis research manager Toby Holleran:
Netflix claims there are now more entertainment services than ever before
The change, explains The Hollywood Reporter, will affect "more than 10 million" users, almost 4% of the more than 230 million subscribers Netflix reported at the end of 2022.
The reason given by Netflix for this drop in its rates is simple. A company spokesman told The Wall Street Journal that the price change came because the entertainment market is only growing: "We know members have never had more choices when it comes to entertainment."
However, the move was not viewed favorably on Wall Street. As revealed by Expansion, Netflix's shares fell almost 4% in the stock market on Wednesday, with its share price dropping below $320.
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