Report: Netflix reportedly banned all cryptocurrency ads from its ad-supported platform
September 6, 2022 1:38 AM
In July, Netflix stated it will introduce a cheaper subscription plan that includes advertising in an effort to increase revenue.
According to reports, streaming giant Netflix has banned cryptocurrency-related ads on its ad-supported subscription tier, which will arrive in November, months ahead of schedule.
The Sydney Morning Herald on Monday cited unnamed local sources in reporting that Netflix has chosen to exclude political, gambling, and cryptocurrency-related advertising on its new premium tier. In addition, the new tier will not feature any advertisements for minors. According to the same sources, legislation to limit pharmaceutical advertising was also being explored.
Since Disney+, which will also offer a cheaper ad-supported plan, will debut on December 8, Variety reports that Netflix has accelerated the rollout of its own cheaper ad-supported tier to November. Netflix's ad-supported tier was originally slated to debut in early 2023.
According to Variety, on November 1 Netflix's new subscription tier will launch in the United States, Canada, the United Kingdom, Germany, and France.
Netflix stated in July that it would launch a new ad-supported service in an effort to increase income amid a steady decline in global subscriptions. After losing 200,000 paid customers in the first three months of 2022, the streaming behemoth dropped 970,000 in the second quarter. Netflix announced in June it would reduce expenses in order to maintain its 20% profit margin amidst slowing revenue growth.
Cryptocurrency restrictions are nothing new for the digital asset business, as regulatory monitoring has become the norm. In 2018, Meta (previously Facebook) temporarily disabled all cryptocurrency advertising on its network. In 2021, Alphabet, the parent company of Google, lifted its prohibition on adverts relating to cryptocurrencies, making it possible again for cryptocurrency exchanges and wallet operators to market their services on Google.