On October 13, Netflix revealed more details regarding its ad-supported subscription tier called "Basic with Ads" during a virtual press conference.
As we reported, the rollout will begin in November and encompass 12 different markets.
The multiphase rollout starts on November 3 in the US, where users will be able to subscribe to the "Basic with Ads" tier for $6.99.
The release coincides with the holiday season, precisely when media budgets are expected to reach record heights, especially in the ad-based VOD segment.
Netflix hopes to make up for the losses incurred due to decaying growth rates amidst rising inflation.
The streaming giant's ad-supported subscription tier will come at a more accessible price than what Disney+ had in mind.
Disney's current $7.99 entry-level tier will include ads starting in December, and the users will have to pay more for the ad-free experience.
"We believe, with this launch, we'll be able to provide a plan and a price for every Netflix fan," explained Greg Peters, Netflix's chief operating officer, on the call.