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Netflix Lowers Subscription prices in many countries

Netflix, a California-based streaming media company established in 1997, provides a subscription-based video on-demand service that encompasses a diverse collection of original films and TV series produced or procured by the company, as well as licensed third-party content from other distributors.

Initially, Netflix offered both DVD sales and rentals via mail, but the sales segment was discontinued within a year to prioritize the DVD rental business.

In 2007, the company introduced streaming media and video-on-demand services. Netflix’s expansion continued with its entry into Canada in 2010, followed by Latin America and the Caribbean. In 2013, the company ventured into content production and acquisition, starting with the political drama House of Cards.

On 23 February 2023, The Wall Street Journal reported that Netflix has dropped the prices of its subscription plans in over 30 countries. A few of the countries in the Middle Eastern region included Yemen, Jordan; African region included Kenya; and European countries such as Croatia and Slovenia and more.

This move is seen as an effort to attract more users and improve the company’s standing in these regions. The new pricing strategy offers lower-priced subscription plans to potential customers who are sensitive to cost, while maintaining the existing pricing for premium plans with additional features.

It is uncertain how successful this pricing strategy will be in enhancing the company’s user retention.

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