Streaming giant Netflix reportedly banned cryptocurrency-related ads in its ad-supported subscription plan months ahead of schedule, as the launch has been pushed forward to November.
Citing local sources, The Sydney Morning Herald reported on Monday that Netflix has decided to reject all political, gambling, and cryptocurrency-related ad campaigns in its new subscription plan. The new plan will also not run ads that sell children’s products. The same sources indicated that restrictions on advertisements for pharmaceutical products were also being considered.
According to Variety, Netflix has moved up the launch date of its cheapest ad-supported tier to November to compete with Disney+, which will launch its own ad-supported plan on December 8. Netflix was initially planning to launch its ad-supported level in early 2023.
The new Netflix subscription plan will be available from November 1 in several countries, such as the United States, Canada, the United Kingdom, Germany and France, according to Variety.
With subscribers declining globally in consecutive quarters, Netflix announced in July that it would launch a new ad-supported service to boost its revenue. In the second quarter, the streaming giant lost 970,000 paid subscribers after losing 200,000 in the first three months of 2022. Faced with slowing revenue growth, Netflix revealed in June that it would cut operating costs to keep its margins at 20%.
Due to regulatory scrutiny, cryptocurrency bans are nothing new for the digital asset industry. In 2018, social media giant Meta (formerly Facebook) banned cryptocurrency ads from its platform before reinstating them later that same year. In 2021, Alphabet, the parent company of Google, lifted the ban on cryptocurrency-related ads, allowing exchanges and wallet providers to once again promote their services on the search engine.
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