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Netflix is getting cheaper thanks to a blockbuster update that could arrive as soon as the end of this year. The streaming firm had already teased plans to launch an advert-supported option that will allow users to tune into content at a much-reduced price. Now we know that this new platform is coming soon and will be supported with help from Microsoft.

The Redmond technology company has just been confirmed as the global advertising technology and sales partner for Netflix’s new venture.

Announcing the news in a post on its blog Netflix said: “Microsoft has the proven ability to support all our advertising needs as we work together to build a new ad-supported offering. More importantly, Microsoft offered the flexibility to innovate over time on both the technology and sales side, as well as strong privacy protections for our members. We’re excited to work with Microsoft as we bring this new service to life.”

And in a message on Twitter, Microsoft boss Satya Nadella added: “We’re thrilled Netflix has selected Microsoft as its advertising technology and sales partner. We want publishers to have more long-term viable ad monetization platforms, so more people can access the content they love wherever they are.”

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There’s still no word on an exact launch date or price for cheaper Netflix and will still don’t know how many adverts users will need to sit through each day but with the cost of living crisis showing no signs of easing, this cheaper plan could help millions stay entertained.

Netflix says that it’s still early days and it has lots of work to do before offering an ad-supported plan to consumers.

The streaming giant is currently facing one of its toughest challenges in years with the firm announcing that it lost customers for the first time in a decade. It’s thought some 200,000 users have switched off their accounts since the start of the year with forecasts suggesting that this could grow to over two million by the summer.

That’s one reason why Netflix clearly feels now is a good time to launch a cheaper plan but it one of its biggest rivals is launching something similar.

Disney+ has also confirmed that it will be offering users an ad-supported plan in the future.

“Expanding access to Disney+ to a broader audience at a lower price point is a win for everyone – consumers, advertisers, and our storytellers,” said Kareem Daniel, Chairman, Disney Media and Entertainment Distribution. “More consumers will be able to access our amazing content. Advertisers will be able to reach a wider audience, and our storytellers will be able to share their incredible work with more fans and families.”

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