Streaming behemoth Netflix has reduced prices in more than 30 countries to attract more subscribers.

Parts of Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East have experienced price reductions.

It comes as households tighten their budgets due to the rising cost of living and as Netflix faces increased competition from rival services.

“Members have never had more amusement options,” a company representative told.

Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran are among the nations where subscription fees have been reduced.

The reductions apply to specific pricing plans, with subscription fees sometimes decreasing by half.

The company did not specify the United Kingdom or the United States as countries where it had reduced prices.

“We are constantly looking for methods to enhance the membership experience. We can affirm that we are revising the pricing of our plans in specific nations “a Netflix spokesperson said.

The company’s stock price fell 3.4% in New York on Thursday after the Wall Street Journal broke the news.

Netflix, which operates in more than 190 countries, has confronted increased competition from streaming rivals like Amazon, HBO, and Disney.

As it fought to increase its share of the increasingly competitive streaming market, the company eliminated hundreds of positions and introduced a less expensive streaming option with advertisements to save money.

Greg Peters, co-chief executive officer of Netflix, outlined his strategy for gaining more subscribers in January.

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

The company is also clamping down on subscription sharing.

Netflix introduced limits on password sharing in more countries earlier this month. These require consumers to pay an additional fee if they wish to share their subscription with non-residing friends and family.

Netflix disclosed in the summer of 2017 that it had lost nearly one million subscribers between April and the end of June, as an increasing number of users decided to discontinue the service.

However, the company reported in January that subscriber numbers increased at the end of 2022.