The cheaper Netflix subscription with ads will reportedly be available on November 1 in multiple countries such as the U.K., the U.S., Canada, France, and Germany.

According to Insider sources, the ads-supported Netflix subscription will be cheaper than the lowest-priced ad-free tier, which costs £6.99 a month in the U.K. and $9.99 in the U.S, Daily Mail reported.

Netflix previously announced that it will launch the ad-supported Netflix subscription in 2023. However, it was put forward after a decrease in the number of subscriptions to the video streaming platform.

It was also reported that Netflix wanted to launch its new subscription choice before its rival Disney+ releases its own ad-supported subscription tier in the U.S. on December 8.

READ NEXT: Netflix Eyeing Ad-Supported Plans; Subscribers Threaten to Quit if Such Feature Added to the Platform

Ads-Supported Netflix Subscription

Netflix announced in July that it was aiming to release the ad-supported plan "around the early part of 2023." A company representative told Variety that they were still deliberating on how to launch the lower-priced ad-supported tier. T

he representative noted that no concrete decisions have yet been made regarding the matter. Netflix and its exclusive ad partner, Microsoft, have requested ad buyers to finalize their initial bids next week.

Sources further noted that Netflix's request for proposals from ad buyers will be made as a Dutch auction, with the video streaming platform reviewing what the market "will bear."

According to a source, Netflix is asking for a $10 million minimum commitment in annual ad spending from agencies. The source added that Netflix had told ad buyers it expects to have around 500,000 customers on its ad-supported plan by the end of 2022.

According to sources, the ad-supported subscription tier will have an ad load of around four minutes per hour for series, while the streaming platform will run pre-roll ads for movies.

Reed Hastings, the chief executive of Netflix, said the platform would start the cheap ad-based option in April after Netflix reported a plummet in subscribers in over a decade.

The streaming giant has reportedly decided to turn down political, gambling, and cryptocurrency advertising and will not market any products to children, The Sydney Morning Herald reported.

Netflix Subscribers

In July, Netflix was reported to have lost almost a million subscribers between April and July as more people left the video streaming platform. Its first reported subscriber loss was in April 2011, with hundreds of job cuts and a sharp drop in its share price.

The recent subscriber loss was the biggest recorded in the firm's history, with the U.S. and Canada seeing the highest number of subscribers leaving the platform. It was followed by Europe.

BBC reported that Ampere Analysis executive director Guy Bisson said it was "inevitable" that Netflix would start to see its "grip on the market loosen."

The company also has fierce competitors such as Apple TV, HBO Max, Amazon Prime, and Disney+. Some customers were also discouraged by the possibility that Netflix could hike its subscription fees.

READ MORE: Cobra Kai Season 4 Returns With John Kreese and Terry Silver Joining Forces: Netflix Trailer Clip Hints 

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Netflix Introduces Ad-Supported Plan in New Partnership With Microsoft - From Yahoo Finance