Broadcasting services company Netflix has lowered the prices of its subscription plans in some countries, as it looks to maintain subscriber growth amid stiff competition and pressures on consumer spending, according to the Wall Street Journal.
The newspaper, which first reported the news, said that Netflix had lowered prices in some countries in the Middle East, sub-Saharan Africa, Latin America, and Asia.
A Netflix spokesperson said: “We are always exploring ways to improve the experience for our members. We can confirm that we are updating the prices of our plans in certain countries,” the spokesperson said, but did not provide further details about the price reductions.
The company’s stock fell nearly 5%, underperforming the market in general, and heading towards its worst day in more than two months.
Netflix, which operates in more than 190 countries, is looking to expand significantly into new global territories, after saturating the US and Canadian markets.
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