Netflix ad-supported service to launch in November

Netflix is launching a new streaming option with adverts in November, introducing a less expensive offering as it fights to keep viewers.

The plan will be available in 12 countries including the UK, US, Canada, Mexico and Australia.

The firm said it would charge £4.99 a month for the service in the UK, while it will cost $6.99 in the US.

Netflix has been losing customers as competition and cost of living pressures mount.

The company lost more than 1 million subscribers in the first half of this year. It is due to provide an update of that figure to investors next week.

Netflix’s move into advertising is a big change for the company, which pioneered the idea of subscription-based streaming.

In the UK, the least expensive plan without commercials starts at £6.99 a month.

“We’re confident that … we now have a price and plan for every fan,” the company said in a press release.

“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.”