Netflix set to roll out a cheaper plan with ads at $6.99 per month in November

Netflix will be rolling out a cheaper plan with ads for $6.99 per month in November.

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

The Basic with Ads plan will include 15-to-30-second ads before and during shows and films.

Users of the new plan will not be able to download content to watch offline.

The announcement comes after the company this year suffered a drop in subscribers.

For the first time in more than a decade, the platform has lost over 200,000 in the first quarter.

Netflix will also upgrade its Basic plan of $9.99 per month from standard definition of 480p to HD.

The Basic with Ads plan will be available in 12 countries and will roll out in the United States on November 3.