Jamaica appears to be among at least 30 countries to benefit from Netflix Inc’s decision to reduce the prices of its subscription plans, as the streaming giant looks to retain subscriber growth amid stiff competition from rivals.
With the pandemic-fueled boom cooling and consumers turning more cautious about spending, competition in the streaming businesses has heightened, pushing the companies to rethink their strategies.
According to the Wall Street Journal, which reported the Netflix news first earlier toda (February 23), the price cuts span across some Middle Eastern countries, sub-Saharan African markets and parts of Latin America and Asia.
The cuts apply to certain tiers of Netflix in those markets and in some cases halving the cost of a subscription, the Journal reported.
While the Journal did not specify which countries in Latin America, a check on a Jamaican Netflix account showed that prices at the next billing date would be US$7.99 for the Premium service, US$5.99 for the Standard service and US$3.99 for the Basic package.
Last month the Premium service came at a cost of US$13.99.
Netflix, which operates in over 190 countries, has been looking to grow share in newer international regions as the United States and Canada markets saturate. Earlier this month, it laid out plans to crack down on password sharing for accounts on its streaming platform.
“We’re always exploring ways to improve our members’ experience. We can confirm that we are updating the pricing of our plans in certain countries,” a spokesperson for the company said.
The spokesperson did not give further details about the price cuts.