NETFLIX REDUCES ITS SUBCRIPTION PRICE UP TO 50%

Netflix is an American entertainment company that provides a streaming video-on-demand service to subscribers. It was founded in 1997 by Reed Hastings and Marc Randolph, and originally offered DVD rental by mail, but has since transitioned to a subscription-based streaming service.

Netflix's content library includes a wide variety of movies, TV shows, and documentaries, with new titles added regularly. It produces its own original content, including popular shows like Stranger Things, The Crown, and Narcos. It has also acquired the rights to various popular shows and movies, such as Friends and The Office.

Netflix offers different subscription plans with different features and price points, and subscribers can watch as much content as they want without any advertisements. The service is available in many countries around the world and has become a dominant player in the entertainment industry, with over 230 million subscribers as of 2023.

SUBSCRIPTION PRICE REDUCED UP TO 50%:

Netflix has recently announced that it would be reducing its subscription price in more than 30 countries by up to 50% to increase its number of subscribers. And it should be noted that the subscription price reduction is not at action in India.

The reduction of price will make a greater impact among 10 billion subscribers in countries like Indonesia, Philippines, Thailand. It targets the countries which has the minimum number of subscribers, especially the middle eastern countries.

A spokesperson from the company said, “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,”.

STRATEGY TO HOLD ITS FOOT:

Even though it has over 230 million subscribers through out the world, it faces more tough, and it is struggling to get foothold in some of the major region markets, like Asia and Africa. There will be a hard competition from some other streaming platforms like Amazon Prime Video, Disney + Hot star. To make it’s place stronger among others, Netflix has been investing more and experimenting more with original contents, new features like the facility to provide content faster or at slower speed.

 It is a reality that the competition in every field is increasing enormously now a days. To survive in the market among the competitors will be the ultimate motive of every company and it is same here. The effort of reducing price is just one of the strategies taken by Netflix to stay competitive and to gain customers. Will remain seen whether the strategy will get work to make the platform hold the foot in this competitive market.