Netflix is planning to launch an Ads- supported cheaper version at just $7 in November.

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Netflix said on Thursday it will introduce a streaming plan with advertising for roughly $7 per month in November.

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The $6.99 cost for the new “Basic with Ads” plan is $3 less than Netflix’s lowest-priced tier without commercials.

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The new option will roll out in 12 countries including the United States, Brazil, Germany, Japan & Korea.

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Subscribers to the plan will see roughly 4 to 5 minutes of advertising per hour, Netflix said.

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Netflix also assured that newly released films will have limited advertising to preserve the cinematic experience.

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"About 5% to 10% of Netflix’s programming will not be available on the ad-supported alternative because of licensing restrictions", said Netflix COO Greg Peters.

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“We at Netflix have a huge opportunity ahead to grow our unit and to attract more subscribers,” Peters added.

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He added, " This is a move to attract new subscribers after the company lost customers in the first half of the year."

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The company projected the new plan would add 1 million customers to their platform in the third quarter.

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