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Netflix Inc.
NFLX,
is slashing its prices in India, a key market for global growth where it trails cheaper rival streaming services from Amazon. com Inc.
AMZN,
and Walt Disney Co
DIS,
The Los Gatos, Calif., company this week said in a blog post from India executive Monika Shergill that it is cutting its basic plan in India by 60% to 199 rupees, equivalent to $2.61, a month. Netflix also lowered prices on its least expensive plan, which offers mobile-only viewing, to $1.95 monthly. Its most expensive plan has been cut to $8.51.
Netflix has continued to switch up its strategy in the South Asian nation since launching in 2016, when it targeted the country’s more affluent consumers with plans that started at $7.50 a month.
The announcement didn’t provide a reason for the latest price reduction. A Netflix spokeswoman said the company is reducing its prices so more consumers can access its material in the country. She added that the company has been investing heavily in local content in India.
