Netflix, the world-renowned streaming platform has banned crypto-related content advertisement and advertisements.
These advertisements are not permitted on the ad-supported subscription level. The launch is scheduled for November, which is quite early compared to the planned date.
According to other local sources, it has been reported that Netflix has decided not to accept advertising campaigns related to cryptocurrencies, gambling and even politics and not to be included in this subscription level.
Ads that should not be included also include product-related campaigns that target children.
Additionally, Netflix is also not okay with ads related to the pharmaceutical industry.
The California-based platform will launch ahead of schedule to wrap up the Disney+ ad-supported tier, which is slated to launch later this year.
The services are supposed to launch in Australia, the United States, Germany and France on November 1. It reportedly reported that the cheapest tier would be priced at $7.
Crypto bans are not new to the industry
Crypto bans are not new to the industry. Due to constant regulatory scrutiny, advertisements related to the crypto industry are on the decline.
The social platform Facebook, now called Meta, banned crypto ads across its entire platform a few years ago, however, that year the ban was reversed by Facebook.
Global subscriber numbers have depreciated in consecutive quarters, and to address this, Netflix announced in July that it would launch a new ad-supported service that would boost revenue.
In its second quarter, Netflix reportedly lost 970,000 paying subscribers in the first three months of 2022.
This demonstrated a decline in revenue growth and it was later revealed that the streaming platform is expected to cut costs and maintain margins at 20%.
Alphabet, Google’s parent company, had also changed its decision to ban crypto advertising by allowing exchanges and wallet operators to promote their services on the search engine.
Less clarity around where the crypto ad ban will operate
It is still unclear if the cryptocurrency ad ban will fully apply to Australia or if other countries will be included in the cryptocurrency ad ban.
Netflix has yet to give information on which countries are to use the ad-supported service, including the US, UK, Canada, France and also Germany.
This new ad-supported service will be priced at $8, making this subscription more economical than the standard Netflix streaming subscription.
Viewing advertisements remains an option for subscribers who will be required to pay the full fee. Sources also suggest that Netflix may start putting ads in the middle of shows under the new scheme.
Featured image from UnSplash, chart from TradingView.com