Streaming giant Netflix Inc (NASDAQ: NASDAQ:NFLX) is reportedly in talks to introduce a new ad-based subscription service in Australia — but cryptocurrency-related content won’t be a part of it.
What Happened: As part of its new service rollout in Australia, the streaming giant has decided to reject ads related to cryptocurrency, politics and gambling, The Sydney Morning Herald reported, citing anonymous local media sources.
A Netflix spokesperson told the publication that the streaming service is considering running ads in the middle of a program in a new service that could be offered in November.
Netflix didn't respond to Benzinga's request for comment at the time of writing.
The company is reportedly still in the process of deciding how to bring the new service to market, but the ad-based tier would cost as little as $8, while full paying customers can continue to enjoy an ad-free Netflix.
“We are still in the early days of deciding how to launch a lower priced, ad-supported option and no decisions have been made. This is all just speculation at this point,” the Netflix spokesperson was quoted as saying.
Why It Matters: Cryptocurrency ads have been a controversial topic across many mainstream websites and platforms. Alphabet (NASDAQ:GOOGL) Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) Google banned any ads related to cryptocurrencies in 2018 but reversed that policy in August 2021.
In July, Netflix reported $7.97 billion in revenue for Q2, missing a Wall Street estimate, and said that ad-supported plans would kick in as early as 2023.
Price Action: NFLX shares closed 1.71% lower on Friday, as per data from Benzinga Pro. Bitcoin (CRYPTO: BTC) was trading at $19,776, down 0.48% over 24 hours.
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