A lower cost Netflix subscription tier that’ll be supported by advertising is now definitely on the way, the streaming giant’s boss confirms.

Streaming giant Netflix continues to try and turn around what’s been a bit of a taxing year for the firm, with the confirmation that it’s going to be introducing an ad-supported subscription option.

The service is reporting already that it’s been losing subscribers for the first time ever, and when its quarterly update covering up to the end of this month is published, it’s expected to have lost a further couple of million.

In the UK, the cost of living crisis we’re going through isn’t helping, and Netflix now has some of the most expensive streaming packages too. The firm has already confirmed a crackdown on password sharing is underway, but now its boss – Ted Sarandos – has confirmed a lower price subscription package will be offered, that’s supported by advertising.

Speaking at the Cannes Lions advertising festival at the end of last week, Sarandos explained that “we’re adding an ad tier; we’re not adding ads to Netflix as you know it today. We’re adding an ad tier for folks who say, ‘Hey, I want a lower price and I’ll watch ads”.

What’s not clear yet is just when advertising is set to be added to Netflix, but it’s hard not to feel that there might be some urgency to this. Don’t be surprised if this new tier of membership arrives before the end of the year.

THR

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