Netflix informs employees

Netflix warned staff in a recent memo that its lower-priced ad-supported tier could launch by the end of the year, a faster timeframe than previously stated.

Netflix executives stated in the note that they planned to launch the ad tier in the final three months of the year.

According to two people who spoke on the condition of anonymity to reveal internal business conversations. 

According to the persons, the note also stated that Netflix planned to start cracking down on password sharing among its subscribers around the same time.

Netflix stated last month that it lost 200,000 customers in the first three months of the year.

Netflix's stock has plummeted since the subscriber announcement, wiping off about $70 billion from the company's market capitalization.

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