Netflix lowers subscription costs in over 30 countries

San Francisco, Feb 24 Streaming giant Netflix has lowered the price of its subscription in more than 30 countries, in an effort to draw in subscribers who have access to a growing number of streaming options.

Recent price reductions by the streaming giant include Middle Eastern countries (Yemen, Jordan, Libya and Iran), sub-Saharan African markets such as Kenya, and European nations (Croatia, Slovenia, and Bulgaria), reports The Wall Street Journal.

"In Latin America, nations including Nicaragua, Ecuador, and Venezuela have seen reductions in subscription costs, as have parts of Asia including Malaysia, Indonesia, Thailand and the Philippines," the report mentioned.

The cost reductions only applied to specific Netflix tiers in the affected countries.

"It definitely goes against the recent trends not just for Netflix, but for the broader streaming industry," John Hodulik, a media and entertainment analyst at UBS Group AG, was quoted as saying.

"Some of these cuts on a percentage basis are substantial," he added.

Netflix's Co-Chief Executive, Greg Peters, had also hinted during a January earnings call that the company is searching for markets where they might raise rates to support ongoing content expenditures.

"We think of ourselves as a non-substitutable good," Peters said.

According to him, the streaming giant also has a chance to get new customers in markets where it doesn't currently hold a dominant position.

"We know members have never had more choices when it comes to entertainment," and the company is dedicated to providing an experience that surpasses their expectations, a Netflix spokeswoman said.

In January last year, the company had raised the price for subscribers in the US and Canada.

Later, in March, it bumped up its subscription prices for the UK and Ireland users.

However, in November, the streaming giant had added a cheaper $6.99 per month ad-supported plan.