Netflix has cut subscription prices in more than 30 countries, and subscription prices have been cut by up to 45%

Netflix announced Thursday that they are preparing to reduce pricing for their streaming subscription service in certain regions, involving a large number of countries and territories in Africa, Asia, Europe, Latin America and the Middle East, citing a desire to maintain subscriber growth despite fierce competition and tight consumer spending.

Price reductions are not the same in different countries or regions.

Subsequently, Netflix shares fell nearly 5 percent, the worst performance recorded in more than two months.

According to ‘The Wall Street Journal’, these price cuts only apply to some levels of Netflix subscriptions, though in some cases they are close to half price.