NETFLIX fans will be able to watch their favorite shows for less as the streaming giant is set to launch an ad-supported package.
A cheaper subscription option will launch on November 1, according to reports from the Wall Street Journal and Variety.
1
Netflix hasn’t confirmed how much the bundle will cost, but insiders have estimated it could be around £5.49.
The introduction of ads will allow Netflix to charge users less, in a bid to increase the number of subscribers, which fell for the first time in 10 years.
Some fans have been left with no choice but to cancel the service as the cost of living crisis hits.
It comes after the streaming giant raised the price of all its subscriptions earlier this year.
Netflix Basic and Standard plan prices increased by £1 per month, to £6.99 and £10.99 respectively.
A spokesman said the increase would allow it to “continue to invest in best-in-class British productions” and “offer a wide variety of selected quality programs and films” to customers.
The UK is Netflix’s largest production hub outside of the US and Canada, with a UK production budget of $1 billion in 2020.
The announcement makes the streaming platform the latest entertainment company to announce the introduction of ad-supported plans.
Disney+ has shared details about its plans to launch a cheaper ad-supported plan later this year.
Subscribers in the new paid tier will be required to watch up to four minutes of ads per hour as part of their viewing experience.
The cost of a Disney+ subscription has also risen, with annual customers seeing their bills jump from £59.99 to £79.90 a year.
Can I cancel my Netflix subscription?
If you are not satisfied with the price increase, you can consider canceling your Netflix subscription.
You can cancel your Netflix membership at any time and you will not be charged any additional fees for leaving.
If you cancel within your billing period, you will be able to use streaming services until it ends.
Customers who wish to terminate their contract or upgrade to a cheaper package can do so on the Netflix website by logging into their account.
TopCashback’s Abigail Yearley previously told The Sun that consumers should review their monthly subscriptions to save money.
She said: “We would advise consumers to be more diligent when signing up for subscriptions or memberships.
“It’s easy to get sucked into free trials and then continue to pay for services they aren’t using.
“While the costs of individual subscriptions may not seem like much each month, it all adds up in the long run.
“If you need to make some spending cuts, we recommend removing subscriptions that you can do without.”