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Streaming giant Netflix has slashed prices in more than 30 countries as it tries to attract more subscribers.

Prices have fallen in parts of Asia, Europe, Latin America, sub-Saharan Africa and the Middle East.

This comes as the cost of living rises and Netflix faces increased competition from rival services.

“Members have never had more choice when it comes to entertainment,” a company spokesperson told the BBC.

Countries where subscription fees have been reduced include Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya and Iran. The company did not mention the UK or the US as countries where it had cut its prices.

The cuts apply to certain price plans, with subscription fees halving in some cases.

“We are always exploring ways to improve our members’ experience. We can confirm that we are updating the prices of our plans in certain countries,” said a Netflix spokesperson.

The firm’s shares closed 3.4% lower in New York on Thursday.

Netflix, which operates in more than 190 countries, has faced increased competition from streaming rivals including Amazon, HBO and Disney.

Last year, the firm cut hundreds of jobs and launched a less expensive ad-supported streaming option as it struggled to increase its share of the increasingly competitive streaming market.

The company is also cracking down on people who share their subscriptions.

Netflix introduced restrictions on sharing passwords in more countries earlier this month. These require customers to pay an additional fee if they want friends and family who do not live with them to share their subscription.

Last summer, Netflix revealed it had lost almost a million subscribers between April and the end of June as more people decided to leave the service.

However, in January the company said that subscriber numbers had increased by the end of 2022.

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