Netflix on Tuesday slashed the prices of its streaming services in India, for the first time since launching five years ago — as it moves to better compete with fierce rivals Disney and Amazon — a day after Prime Video announced it had revised upward similar costs.

Netflix cut prices by 60 percent, to Rs. 199 ($2.62) a month, for its basic plan that lets users watch content on a single device, it said in a blogpost (https://youtu.be/iJYFeqnYLVw).

In a blogspot, Netflix said, “The greatest heist in history. A bomb threat on prime-time TV. Mumbai’s finest cops saving their city. Monster hunting. A cat-and-mouse thriller in a misty town. And world-destroying comets. Netflix has all these stories and more. And starting today, everyone in India can get all of Netflix — uninterrupted and without ads — at new, lower prices.”

The price of its mobile-only plan will drop a quarter to Rs. 149, with overall prices of various plans falling 18 to 60 percent, Reuters reported from Mumbai.

For years, Netflix had priced its products far above competitors in India such as Disney and Amazon, citing the much higher income of households that spoke English and watched entertainment in the language.

The new prices are as follows:

Mobile – ₹149/month

Basic – ₹199/month

Standard – ₹499/month

Premium – ₹649/month

The Netflix move reflects its effort to target expansion beyond the biggest cities, said an entertainment industry analyst who sought anonymity.

“To capture this market, it needs to bring down” costs, added the analyst, based in the financial capital of Mumbai, as the firm competes with big rivals.

Disney+Hotstar, for example, offers an annual premium plan with access to all its content in 4K at Rs. 1,499 ($19.76). The streamer made up a little less than 40 percent of the total subscriber base of 116 million of Disney+, the company had said in an earnings call this year. Netflix and Amazon do not reveal their figures by country, however.

In 2018, Netflix said India could deliver its next 100 million subscribers.

At the time, Chief Executive Reed Hastings had told Reuters in an interview that the company had no plans to lower its prices in India, adding, “We don’t have a pricing issue.”

Netflix has previously said 2021 will be its biggest year in India, with the release of more than 40 new titles, among them films featuring top Bollywood actors, stand-up comedy shows and original series.

Amazon Prime Video Ups The Ante:While rival Netflix made an effort to go deeper into the Indian market with a price cut, Amazon Prime Video upped prices in India. The company’s subscription program received up to a 50 percent hike across all plans in India, according to moneycontrol.com.

Amazon Prime membership price in India was previously set at Rs 999 for a year. Following the revised pricing, the Amazon Prime yearly plan would cost Rs 1,499. The company has also revised the price of the Amazon Prime monthly plan and the Amazon Prime quarterly plan.

The base monthly subscription plan would cost Rs 179 starting December 14 as opposed to Rs 129.

Similarly, the quarterly pack, which previously cost Rs 329, will now be available for Rs 459 in India.

The change in pricing will not affect those who currently have an active subscription. Customers with an Amazon Prime membership will continue to get all the benefits available under the service.