Netflix is planning to improve its pricing strategy to offer a range of price points and feature sets to customers worldwide after a price cut in India helped the streaming giant boost user engagement and revenue growth in the country.

What Happened? According to Netflix CFO Spence Neumann’s comments during a Q1 2023 earnings call, in December 2021, Netflix reduced its service prices in India by 20-60% due to intense competition and a growing appetite for digital content.

The company said that improved content and lower prices increased engagement in India by nearly 30% year-on-year, while revenue growth rose to 24% in 2022 compared to 19% in 2021.

According to a letter to shareholders, Netflix plans to increase adoption in international markets by reducing prices in an additional 116 countries in Q1. Although these countries represented less than 5% of Netflix’s FY22 revenue, the company believes that increasing adoption in these markets will maximize its revenue in the long term.

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The company is looking to attract new customers and retain existing ones, especially in international markets such as India, where the growth of its paid member base slowed down after a pandemic-driven subscriber bump.

Netflix, which likes to see itself as a premium streaming player in India, launched its cheapest plan for a smartphone-dominant streaming audience in the country at ₹199 per month in July 2019. In December, it slashed the price of this plan to ₹149.

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