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Netflix has cut prices on certain subscription plans in some countries to maintain subscriber growth.
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The stock fell nearly 5% and is on track for its worst day in over two months.
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Intense competition in the streaming industry has forced companies to rethink their strategies amid strained consumer spending.
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Price cuts have been made in some countries in the Middle East, sub-Saharan African, Latin America, and Asia.
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The price cuts apply to certain tiers of Netflix in those markets, and in some cases, the cost of a subscription was halved.
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Netflix operates in over 190 countries.
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Netflix is looking to grow its share in newer international regions as the U.S. and Canada markets saturate.
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Earlier this month, Netflix announced plans to crack down on password sharing for accounts on its streaming platform.
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The pandemic-driven boom in streaming is fading, and consumers are curbing spending over fears of a possible recession.
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Netflix is adjusting its strategies to remain competitive in the changing streaming landscape.