Streaming giant Netflix has announced plans to cut its prices in more than 30 countries.

With an increase in streaming services from rivals including Amazon, HBO and Disney, it is thought that the company is trying to attract new subscribers to the platform.

It comes at a time when the rising cost of living is seeing households tightening their belts.

The cuts apply to certain price plans, with subscription charges falling by half in some cases.

Last year, Netflix cut hundreds of jobs and launched a less expensive streaming option with adverts as it fought to grow its share of the increasingly competitive streaming market.

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