Reportedly, the popular streaming service Netflix has prohibited cryptocurrency-related commercials from airing on its ad-supported subscription tier, which is set to debut in November, several months earlier than originally planned.
The Sydney Morning Herald reported on Monday, citing local sources, that Netflix has made the decision to reject any advertising campaigns that are related to politics, gambling, or cryptocurrency on its new subscription tier. This decision was reportedly made on Monday. Additionally, ads aimed at children will not be shown on the new tier. According to the same sources, there may be restrictions placed on ads for pharmaceutical products in the future.
According to Variety, in order to compete with Disney+, which is launching its own ad-based plan on December 8, Netflix has moved up the timeline for the launch of its cheaper ad-supported tier to November. The initial launch date for Netflix’s tier that would be supported by advertisements was set for the beginning of 2023.
According to Variety, the new subscription tier for Netflix will become available on November 1 in a number of countries, including the United States of America, Canada, the United Kingdom, Germany, and France.
Netflix announced in July that it would launch a new ad-supported service in an effort to boost revenues, despite the fact that the number of global subscribers had fallen for three consecutive quarters. The streaming giant experienced a loss of 970,000 paid subscribers during the second quarter of 2022, following a loss of 200,000 paid subscribers during the first three months of 2022. In June, in response to the slowing growth of its revenue, Netflix announced that it would reduce its costs in order to maintain its margins at 20%.
Crypto trading restrictions are nothing new for the digital asset industry as a result of regulatory scrutiny. In 2018, the social media giant Meta (formerly Facebook) initially barred advertisements for cryptocurrencies across its entire platform but later allowed them to return. Alphabet, the parent company of Google, lifted a ban on advertisements related to cryptocurrencies in 2021, making it possible for cryptocurrency exchanges and wallet operators to once more promote their services on Google Search.
