Netflix Announces 50% Subscription Price Reduction: New Pricing Details Revealed

Netflix, the popular OTT platform, has decided to slash its subscription prices in over 100 countries, including India, where it has a large subscriber base. The move is expected to attract more customers to the platform.

Netflix's net income for the quarter that ended in March 2023 has fallen by almost 18% compared to the previous year, to $1,305 million (about Rs. 107 crores).

The mobile-only plan, which was previously priced at Rs 199, will now cost Rs 149, while the basic subscription has been reduced from Rs 499 to Rs 199. Despite being a popular platform, Netflix's subscription prices are higher compared to other OTT platforms, with their monthly subscription prices even surpassing the annual subscription costs of some competitors.

By lowering subscription prices in 116 countries, including parts of Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East, Netflix hopes to make its platform more affordable and attract new customers, thereby increasing its subscriber base.