updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Netflix shares dropped 5% after the company announced it is slashing prices in Asia, the Americas, and the Middle East.
Netflix (NASDAQ: NFLX) recently saw its shares fall following news that the company had slashed its subscription prices. According to reports, the streaming giant attempted to increase subscriber growth by slashing prices by 50% in more than 30 countries. A Thursday statement by Netflix read:
“We’re always exploring ways to improve our members’ experience. We can confirm that we are updating the pricing of our plans in certain countries.”
The price cuts will take place across regions such as Asia, the Americas, and the Middle East. Netflix will also apply cheaper pricing to Vietnam, Indonesia, Thailand, and the Philippines. Generally, Netflix’s price development could impact more than 10 million subscribers in the abovementioned markets. However, to offset the lower prices, Netflix increased prices in markets where it wields considerable pricing power.
Netflix’s quest to optimize prices where possible also comes amid intense competition from other streaming platforms. These include Walt Disney (NYSE: DIS), Warner Bros Discovery (NASDAQ: WBD), and Paramount Global (NASDAQ: PARA). Furthermore, these competing streaming platforms also seek to increase their visibility and expand globally.
Netflix shares tumbled 5.2% to $317.47 in New York following the announced update to its subscription prices. Furthermore, as of yesterday, NFLX was on course for its worst day in over two months. Amid fierce competition last year, the streaming industry has experienced a decline in pandemic-induced fortunes and significant consumer spending. As a global recession looms, several companies within this space are reevaluating their strategies.
Streaming giants have generally hiked prices to secure more revenue in a cost-intensive industry from an operational standpoint. However, a few others, including Netflix, offer lower-priced, ad-heavy subscription plans to customers in low-growth markets. These streaming platforms hope to induce more cost-conscious customers to subscribe by providing cheaper subscriptions in these areas.
Reports state that Netflix is halving its basic subscription plan in these low-growth areas, with other tiers seeing a 17%-25% price cut. However, the Los Gatos-based company’s recent crackdown on password-sharing could also amount to a price increase for several customers.
The password-sharing crackdown comes as Netflix, which currently operates in more than 190 countries, looks to expand even further. The streaming giant onboarded around 7.6 million subscribers in the fourth quarter amid saturated US and Canadian markets. Furthermore, Netflix also experienced a decline in average revenue per membership in the last quarter of 2022.
Summing up its full-year performance in a statement, Netflix said:
“2022 was a tough year, with a bumpy start but a brighter finish. We believe we have a clear path to reaccelerate our revenue growth: continuing to improve all aspects of Netflix, launching paid sharing, and building our ads offering. As always, our north stars remain pleasing our members and building even greater profitability over time.”
The company also announced that co-founder Reed Hastings would step down as CEO. According to Netflix, co-CEO Ted Sarandos and COO Greg Peters would succeed Hastings as CEO.
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Elon Musk, the world’s richest man, is once again tweeting about Twitter. Specifically, he offered a slew of suggestions for Twitter Blue, the company’s subscription service. Price reduction, Dogecoin payment option, and ad bans are part of the changes.
Billionaire Tesla and SpaceX CEO Elon Musk – who now owns 9.2% of Twitter – is a prolific tweeter who often moves markets with his tweets.
As Twitter’s newest board member, he said he is looking forward to making substantial improvements to Twitter in the months ahead.
Twitter Blue, the social media giant’s first subscription service, launched in June. It allows users to subscribe for exclusive access to special features like “Undo Tweet” functionality, customized Twitter icon templates, and the ability to add bookmarks to Twitter.
Musk wrote a series of tweets on Saturday urging the subscription price to be cut and no ads to be included.
The price should also be in local currency and proportional to affordability, Musk said.
“Maybe we can accept Doge as payment?” he asked.
Only the United States, Canada, Australia, and New Zealand offer the Twitter Blue service.
Subscribers can change their tweets before they go live by using the undo feature. Unlike editing, which Twitter users have often requested, this is not an edit option. The company has said that it is not an edit button, but rather an opportunity to preview and revise your Tweet before it’s published to the world.
These include dogecoin payments, a price reduction, and authentication checkmarks.
Musk tweeted on Saturday to say that anyone who signs up for Twitter Blue should pay less than the current $2.99 a month. He also said they should get an authentication checkmark.
He said: “Price should probably be ~$2/month, but paid 12 months up front & account doesn’t get checkmark for 60 days (watch for credit card chargebacks) & suspended with no refund if used for scam/spam.”
There also shouldn’t be any ads, he added: “The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.”
When Twitter’s CEO Parag Agrawal announced the Tesla chief as a board member it signaled his status as an active investor after Musk acquired a 9.2% stake in Twitter between January and April, spending $2.64 billion on the social media giant’s stock.
The business mogul suggested that the subscription cost should be “proportionate to affordability & in local currency.”
In June 2021, the social-media platform launched its monthly subscription Twitter Blue, which offers “exclusive access to premium features.” It is available in the US, Canada, Australia, and New Zealand.
Twitter did not immediately respond to Insider’s request for comment made outside of normal working hours.
The company announced in September last year that users from the US and El Salvador were able to tip fellow tweeters using bitcoin.
Musk has hinted that he would make “significant improvements” to the platform after joining the board. Meanwhile, some employees said they would be subject to an HR investigation if they tweeted like Musk.