NETFLIX’S AD-SUPPORTED PLAN REACH 40 MILLION USERS, UP FROM 5 MILLION LAST YEAR

Fri 17 May 2024:

Netflix’s ad-supported plan, which is cheaper and shows commercials between television shows and movies, reached 40 million global monthly active users, up from 5 million a year ago.

“Over 40% of all signups in the ads countries now come from the ads plan,” the online streaming platform said Wednesday.

Netflix said it featured new partners that advertisers can use to measure and verify the effect of their campaigns. It added it will launch an in-house advertising technology platform by the end of 2025.

“We’re being incredibly strategic about how we present ads because we want our members to have a phenomenal experience,” Netflix’s President of Advertising Amy Reinhard said in a statement.

“We conduct deep consumer research to make sure we stay ahead of the competition, bringing opportunities that are better for members and better for brands,” she added.

More than 70% of Netflix’s ad-supported members watch for more than 10 hours per month, which is 15 percentage points higher than the company’s nearest competitor, according to Nielsen, said the statement.

Netflix’s global streaming paid memberships climbed to 269.6 million in the first quarter of 2024, up 3.6% from 260.28 million from the previous quarter, and up almost 16% from 232.5 million from the first quarter of 2023, according to financial results released April 18.

The company’s net income jumped to $2.33 billion in the January-March period, up 148% from $938 million during the same period last year; while revenue increased 14.8% to $9.37 billion from $8.16 billion year-on-year.

Netflix said it will stream two Christmas Day National Football League (NFL) games this year.

The move marks the first step for the company in live sports. It will stream at least one holiday game each year as part of a three-season deal, according to the statement.

-Source: AA

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