Global streaming giant Netflix has announced the debut of its cheaper ad-supported service to consumers as it attempts to boost the company's dwindling profits.
Netflix has unveiled a new subscription plan"with a few ads in between" for a reduced fee.
"Basic with Ads" comes six months after Netflix first revealed it would introduce a cheaper option after posting a second quarter decline of about one million subscribers. The new subscription will have an average of four to five minutes of advertisements per hour at 15 to 30 seconds each in length. Netflix has struggled financially this year with its share price falling from US$597.37 in January to US$226.11 in September and then to US$220.87 on Thursday.Netflix said the"Basic with Ads" subscription also represents an"exciting opportunity" for advertisers.
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