Netflix subscribers may soon have the option of cheaper ad-supported plans.
Netflix announces plans to introduce cheaper ad-supported plans
The streamer’s latest move comes amid stiffer competition from rival platforms.
Netflix shed subscribers in the first quarter.
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According to the streamer, the new plan which will be introduced to boost its already existing 200 million subscribers, may take effect in the next two to three years.
Netflix’s co-CEO Reed Hastings made the announcement on Tuesday, April 20, while confirming that the streamer lost 200,000 subscribers in Q1 largely due to password sharing.
The upcoming plan will mark a major shift for Netflix. Over the years, the streamer had maintained that introducing ads on the platform was not well suited to the company’s style.
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The streaming giant has now made a turnaround with Hastings saying on Tuesday that the ad model had matured over the years and proven successful with competing platforms such as Disney and Hulu.
“Those who have followed Netflix know that I’ve been against the complexity of advertising and a big fan of the simplicity of subscription. But as much as I’m a fan of that, I’m a bigger fan of consumer choice,” Hastings said.
“Allowing consumers who would like to have lower price and are advertising tolerant get what they want makes a lot of sense,” he added while confirming that the new plan will not be ‘short term fix.’
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