Netflix teams up with Microsoft on cheaper streaming with adverts

Platform belatedly follows rivals in appealing to cash-strapped consumers as it loses subscribers

Netflix has partnered with Microsoft to launch a cheaper subscription plan showing adverts in an attempt to appeal to cash-strapped consumers seeking to cut back on costs.

The streaming platform first announced plans to launch a cheaper service - giving subscribers the chance to pay less in return for viewing ads - in April after reporting the first loss of subscribers in a decade, wiping almost $60bn (51bn) off its market value.