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TV streaming service Netflix could be set to lower prices for millions of customers with a cheaper price plan that costs less than £5.99 a month.

The online network - which has more than 130 million customers worldwide - has hinted at plans to expand its services with more competitive deals.

The initiative is part of its aim to draw in 10 million more customers by the end of the year - however with tough competition from rivals, such as Amazon Prime, it said it may have to lower prices to hit target.

As a result, Netflix said it is going to trial cheaper tier options "around the world", starting in India.

It means Brits could soon see a package that costs even less than the lowest "Basic" membership which is currently £5.99 a month.

(Image: LightRocket)

The big reveal came during this week's earnings, when the company said it would add nearly 10million new subscribers by the end of the year.

"We'll experiment with other pricing models not only for India, but around the world that allow us to sort of broaden access by providing a pricing tier that sits below our current lowest tier," explained Gregory Peters, Netflix's chief product officer.

"And we’ll see how that does in terms of being able to accelerate our growth and get more access," he added.

A price cut would be a welcome move for Netflix users in the UK, after millions received emails from the company last year explaining their bills would jump by 50p a month - equivalent to £6 a year.

In November, the price for its most premium plan (which lets users watch 4K video on four different devices) also went up from £8.99 a month to £9.99.

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A low-price tier could potentially limit the amount of shows you watch, or restrict you to mobile devices – but Netflix hasn't confirmed any specifics just yet.

Mirror Money contacted the network for a comment, however it said it was unable to speak out on any forthcoming changes.

Netflix currently offers three different plans in the UK.

The "Basic" plan costs £5.99, and includes watching on one screen at a time, app support on multiple devices, unlimited films and TV programmes, the ability to cancel at any time, and the first month free.

If you move to "Standard" for £7.99, you get all of those perks, plus the ability to watch on two screens at once, and view HD content.

It's third and "Premium" package costs £9.99, and offers all of the above perks as well as simultaneous streaming on four different devices, and support for 4K Ultra HD video.