Netflix bites the bullet, announces ad-supported streaming plan
Netflix's shares surge 14 per cent
Amid the competition of OTT platform, Netflix sought to fight with a resolute anti-ad stance. The platform guaranteed an ad-free movie experience. But now, the streaming giant has decided to introduce a streaming plan with ads. The company said on Thursday (October 13), that the plan will cost USD 7 per month and will be introduced in November. The company hopes to attract new customers after it lost subscribers in the first half of the year.
The USD 6.99 cost for the "Basic with Ads" plan is $3 less than Netflix's lowest-priced tier without commercials. The new option will roll out in 12 countries including the United States, Brazil, Germany, Japan and Korea, over 10 days.
Netflix said that subscribers of this plan with see roughly four to five minutes of ads per hours Newly released films will have limited advertising to preserve the cinematic experience.
About 5% to 10% of Netflix's programming will not be available on the ad-supported alternative because of licensing restrictions, Netflix Chief Operating Officer Greg Peters told reporters.
Shares of Netflix were up 5.4% at USD 232.86 in late afternoon trading. The company's stock had fallen 62 per cent this year before Thursday's announcement.
For years, Netflix executives have adamantly opposed adding advertising. They announced a change of heart in April when the company stunned Wall Street by shedding subscribers in the first quarter and predicting additional defections.
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"We at Netflix have a huge opportunity ahead to grow our unit and to attract more subscribers. And part of that is having a wide range of pricing plans," Peters said on Thursday.
Peters declined to estimate how many customers would sign up for the ad-supported plan or how much additional revenue Netflix might generate. The company will provide forecasts for the fourth quarter when it releases earnings on Tuesday.
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