By MB Online
Filipino Netflix subscribers need not worry about paying higher monthly fees for the streaming service.
Netflix on Thursday clarified that the Philippines will not be affected by the streaming giant's subscription rate hike.
Netflix/Manila Bulletin
"It is not applicable to the APAC markets, including the Philippines," Netflix’s public relations team told ABS-CBN News.
The video streaming platform added that the price increase only applies to United States (US) and select markets in Latin America and the Caribbean.
On Wednesday, Netflix announced it would raise the monthly fees for its US subscribers by between 13 percent and 18 percent as it invests heavily on original content and international expansion.
“It highlights that Netflix has pricing power and even after the increase it remains a very cheap entertainment alternative,” Pivotal Research Group analyst Jeff Wlodarczak said.
In the Philippines, the current subscription plans range from P370 to P550 per month.
Netflix has been spending billions to bolster its original content, which boasts award-winning shows such as “The Crown,” “Black Mirror” and “Wild Wild Country” to fend off intensifying competition from players such as Amazon.com’s Prime Video service and Hulu. The company reported it had 137 million customers at the end of September. (With a report from Reuters)