US streaming giant Netflix is set to launch a new ad-supported option to its service in November as it looks to offer more cost-effective alternatives in its struggle to retain customers.
The new ad-supported tier will be made available cross 12 global markets including the UK, US, Canada, France, Mexico, South Korea and Australia as part of Netflix’s ongoing battle to retain subscribers in the face of a global cost-of-living crisis.
The company has reportedly lost well over 1 million customers in the first half of this year, with an updated figure due to be submitted to investors next week.
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The move marks a important departure from the firm’s traditional subscription-based model, but faced with ever-stiffening competition and an adverse global economic situation, Netflix has been forced to adapt and introduce alternatives.
Netflix UK’s cheapest option is currently setting customers back £6.99 a month. In a release, a spokesperson commented: “We’re confident that we now have a price and plan for every fan.”
“While it’s still very early days, we’re pleased with the interest from both consumers and the advertising community and couldn’t be more excited about what’s ahead.”
