Netflix has begun offering some new customers a $6.99-per-month streaming plan, which is $1 cheaper than its regular $7.99 fee. But there are two significant drawbacks that come with the new option. First, the $6.99 plan only supports standard definition, meaning you won't be able to watch a single movie or TV show in HD. Second, customers who choose the new plan can only stream content on one device at a time. (Netflix's regular plan allows two concurrent streams, with an $11.99 "family plan" supporting up to four simultaneous streams.)

According to Adweek, a Netflix representative told one customer that the company plans to test the cheaper, basic plan among new users before making it available on a wider basis. We've been able to confirm the offer firsthand — it appears after you've signed up for a month of free streaming. We've reached out to Netflix for additional comment.

Update: In a statement to The Verge, Netflix has confirmed that the single-stream $6.99 offer is only visible to a small subset of users. "Not everyone will see this and we may never offer it generally," said a company spokesperson. "Whether we offer any of these tiers generally will depend on the results of the tests. We always look to offer services that make our members happier as measured by how much they use Netflix." Netflix says a $9.99-per-month price point that allows streaming on three devices simultaneously is also in testing with some users.