Netflix Inc said on Thursday it will introduce a streaming plan with advertising for roughly $7 per month in November, a move to attract new subscribers after the company lost customers in the first half of the year.
The $6.99 cost for the "Basic with Ads" plan is $3 less than Netflix's lowest-priced tier without commercials. The new option will roll out in 12 countries including the United States, Brazil, Germany, Japan and Korea, over 10 days.
Shares of Netflix were up 5.4% at $232.86 in late afternoon trading. The company's stock had fallen 62% this year before Thursday's announcement. Peters declined to estimate how many customers would sign up for the ad-supported plan or how much additional revenue Netflix might generate. The company will provide forecasts for the fourth quarter when it releases earnings on Tuesday.
Other streaming services including Walt Disney Co's Hulu and Disney+ and Warner Bros Discovery's WBD.O HBO Max already have, or plan to offer, ad-supported options that cost less. Those services charge between $8 and $10 per month for plans with commercials.
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