Netflix partners with Microsoft for new subscription plan

Netflix has partnered with Microsoft on a new ad-supported subscription plan, according to an announcement Wednesday.

"At launch, consumers will have more options to access Netflix’s award-winning content. Marketers looking to Microsoft for their advertising needs will have access to the Netflix audience and premium connected TV inventory," Microsoft said in a statement.

The deal, which had an undisclosed amount, supports Microsoft’s approach to privacy, which will protect customers’ information, it added.

"In April we announced that we will introduce a new lower priced ad-supported subscription plan for consumers, in addition to our existing ads-free basic, standard, and premium plans," said Netflix COO Greg Peters.

The agreement comes after Netflix resisted ad-support for years and the streaming company lost 200,000 subscribers during the first three months of the year, marking its first loss in users since October 2011.

The company cited account sharing, revenue decline and rising competition as major issues.