Netflix lowers pricing in various markets to increase the number of customers

Even while Netflix has established itself as the top video streaming service, it has been competing for customers with other wealthy rivals at the same time that more people are adjusting their budgets due to persistently high inflation. Due to the issues mentioned above, Netflix lost over 1.2 million customers in the first half of last year. As a result, the company decided to launch an ad-supported version of its service in the U.S. for only $7 per month, which is less than half the cost of its most popular plan. As Netflix attracted 10 million new customers in the second half of last year, it was aided by this comeback, and Reed Hastings, the company’s longtime CEO and co-founder, felt at ease enough to leave last month.