Netflix plans to charge $7 to $9 a month for its new ad-supported subscription plan, reports Bloomberg. The company plans to launch its budget-friendly option in at least six regions in the last three months of the year. However, the report says the full rollout may not wait until early next year.

The report, citing people familiar with the matter, said it plans to sell about four minutes of ads per hour for the ad-supported service, showing ads before and during shows. The streaming giant declined to comment on the report and its pricing plans.

Rival, The Walt Disney Company, announced in March that it would offer a cheaper, ad-supported version of its Disney+ streaming service later this year.

Netflix aims to attract subscribers who are ready to watch shows with ads for half the price of its current $15.49-per-month price plan.

The ad-supported subscription plan came in after the company reported a loss of about 200,000 subscribers in the first quarter of this year as rising inflation squeezed consumer spending.

In July, the company selected Microsoft as a technology and sales partner for the ad-supported subscription programme.