Netflix plunges after the streaming giant launches a wave of price cuts in 100 countries in the face of stiff competition
The price cuts buck Netflix's years-long trend of incrementally raising prices, and come as the companyNetflix's price cuts will impact more than 10 million subscribers, or about 4% of the streaming giant's 230 million subscriber base, according to. Additionally, some price cuts will amount to a 50% reduction, depending on the streaming tier.
Some countries that are impacted by the lower Netflix prices include Yemen, Libya, Kenya, Croatia, Ecuador, and Venezuela, among others. None of the price cuts are taking place in the US or Europe. "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," Netflix said in a statement following the WSJ report.
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