Netflix Plan Prices: Company Drops Subscription Costs For Over 10 Million Subscribers

Streaming giant Netflix has cut subscription costs for over 10 million subscribers in over 30 countries in hopes to attract more subscribers.

The recent changes in subscription prices vary from country to country across the Middle Eastern, sub-Saharan African, European, Latin American and Asian regions.

"We're always exploring ways to improve our members' experience," a Netflix spokesperson told Fox Business. "We can confirm that we are updating the pricing of our plans in certain countries."

Countries included in the subscription cost cuts are Yemen, Jordan, Libya, and Iran in the Middle East, Croatia, Slovenia and Bulgaria in Eastern Europe and Nicaragua, Ecuador, and Venezuela in Latin America, according to a report by the Wall Street Journal.

The company has also included Malaysia, Indonesia, Thailand, and the Philippines in Asia, as well as Kenya. The cuts vary in different countries, with some getting up to 50% cuts.

Currently, Netflix is servicing millions of users in over 190 countries.

The price slash comes as Netflix faces increased competition from other streaming companies, including Amazon, HBO and Disney.

"These territories, which span Central and South America, Sub-Saharan Africa, the Middle East and North Africa, Central and Eastern Europe and the Asia Pacific regions will see discounts for the basic tier range from 20 percent to nearly 60 percent, with the price drop kicking in instantly for new and existing subscribers," Ampere Analysis research manager Toby Holleran wrote on Wednesday.

However, not all Standard tier subscribers will get price reductions like in the Basic tier, Holleran added.

"Subscribers in Vietnam and Malaysia will miss out, whilst the remainder will receive discounts ranging from 13% (just in the Philippines) to almost 50%. The Philippines joins Vietnam and Malaysia in receiving no discount for the Premium tier, all other discounted markets will receive a price drop of between 17% and 43%."

Last year, the streaming platform laid off hundreds of workers and launched a less expensive streaming option with advertisements as it grappled with an increasingly competitive market which led to a loss of almost one million subscribers.

In January, Netflix co-chief executive Greg Peters announced his plans to attract more subscribers, the BBC reported.

"We want to make that spectrum even wider as we seek to serve more members around the world and trying to deliver appropriate value at those different price points," Peters said.

Meanwhile, the company is yet to announce any subscription price slash in the United States and the United Kingdom.