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Netflix Slips as Price Cut in India Weighs -Breaking

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Netflix stock (NASDAQ:) fell 2.5% Tuesday as the streaming giant’s price cut across its plans in India kept it under pressure.  

The company has cut prices by 23% to 60% to grow its user base and take on its rivals in one of the world’s biggest markets for movies and entertainment.

India boasts several local competitors, including Amazon Prime (NASDAQ 🙂 and Disney+Hotstar (NYSE :).

Netflix’s lowest monthly rental plan will now cost 149 rupees (around $2), down from 199 rupees earlier. The plan can only be used on smartphones and tablets. Netflix introduced its 199-rupee rental plan in the pandemic. This was one of their cheapest plans.

The biggest cut has been dealt to the company’s “basic plan,” which is available on all devices. The cost of the basic plan will be 199 rupees instead of 499 rupees.

Monika Shergill is vice president content for Netflix India. She stated to The Economic Times, business newspaper, that Netflix India had developed substantial content and that the current price reduction was in keeping with Netflix’s plan to make it more accessible to wider audiences.

 

 

 

 

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