Millions of people are using Netflix, the world’s leading OTT platform. Netflix’s growth has been phenomenal since its user base increased after the lockdown period. Netflix, which recently imposed some restrictions on password sharing, has made a sudden change in its subscription fees. This price reduction has been implemented in more than 30 countries of the world.
Netflix is making various efforts to maximize its revenue and subscriber growth. As part of that, this price cut is expected to be a huge hit. Apart from the price cut, Netflix has also announced low-cost subscription plans in 12 countries. Netflix has also announced a new monthly fee for subscribers who share their log-in details with others.
The current price cuts are in effect in the Middle East, Europe, Latin America and Asia, sub-Saharan Africa. Additionally, restrictions on password sharing that Netflix has already introduced are being tested. That is, it tracks IP addresses, device IDs, and account activity, and tries to prevent password sharing.
The new payment system is being rolled out in countries such as Canada, New Zealand, Portugal and Spain after being tested in Latin America. The new fee is set at $8 in Canada and New Zealand, $4 in Portugal and $6 in Spain. The new tariffs will go into effect in the US later this year. Also, this new payment system is said to pose a major challenge to streaming platforms including Disney Plus, Hulu and Sling TV.