Netflix revealed its plans for a lower-cost advertising-supported service, betting that a $6.99-a-month option for consumers will help it shore up revenues in more straitened economic times.
Reed Hastings, chief executive, reversed his longstanding opposition to advertising support earlier this year, when the company’s once-blistering subscriber growth went into reverse in a sign of market saturation in North America.
The new ad-supported service, which launches in November, will “grow membership and, over time, build a significant incremental revenue and profit stream” across the 12 countries it will be available in next month, said Greg Peters, Netflix chief operating officer, on Thursday.
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