Netflix Bans Crypto-Related Ads

  • Netflix intends to launch its new subscription tier in November instead of its earlier anticipated date of launching in 2023.
  • If the ban goes through, Netflix will join other tech companies that opted against crypto ads.

Video streaming platform Netflix has reportedly banned crypto-related ads and commercials on its new ad-supported subscription tier, which the company said will be released in November this year. According to local sources, the ban on crypto ads extends to other areas, such as political campaigns and gambling.

The new subscription tier will not run commercials selling products to children, and Netflix is considering including pharmaceutical products on the list.

Sources claim that Netflix has hastened the release of its less expensive ad-supported tier to November in order to compete with Disney+, which will unveil its own ad-based plan on December 8. At first, Netflix had intended to introduce its ad-supported tier at the beginning of 2023 but changed its plans for market reasons. So, the new Netflix subscription tier will launch on Nov. 1 in several nations, including the US, Canada, the UK, Germany, and France. 

 Netflix’s officials confessed that the company’s advertising policies are still up in the air, and nothing is set in stone at the moment.  A corporate representative explained that no decisions have been taken and that the firm is still in the early stages of figuring out its advertising plan.

If Netflix moves forward with the ban, it will follow a number of other tech powerhouses, such as Google and Meta, in boycotting crypto advertising. Both Google and Meta relaxed their rules in June and December of 2021, respectively. However, Twitter has continued its ban on crypto ads since 2018.

Like several global organizations, Netflix has seen its revenue drop and its subscriber base. The streaming company announced in July that it would introduce a new ad-supported service in an effort to increase profits after the number of customers worldwide fell for back-to-back quarters.

Following a loss of 200,000 paying customers in the first three months of 2022, Netflix lost 970,000 subscribers in the second quarter. Due to slowing revenue growth, Netflix announced in June that it would reduce expenses to maintain 20% margins.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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