Crypto News: Netflix Bans Crypto Commercials On Ad-based Streaming Service

Netflix has reportedly banned cryptocurrency-related ads on its ad-supported subscription tier, which is set to launch months ahead of schedule in November.

iexclusivenews reports that the Sydney Morning Herald reported Monday, citing local sources. That Netflix has opted to refuse all advertising campaigns connected to politics, gambling, and cryptocurrency on its new subscription tier.

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This online news outlet understands that the new tier will also not display advertisements for products aimed at youngsters.

According to the same sources, limits on pharmaceutical advertisements are also being explored.

However, Variety claims that Netflix has accelerated the introduction of its less expensive ad-supported tier to November.

In order to compete with Disney+, which will debut its own ad-based plan on December 8.

At first, Netflix had intended to introduce its ad-supported tier at the beginning of 2023.

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According to Variety, the new Netflix subscription tier will launch on Nov. 1 in a number of nations, including the US, Canada, UK, Germany, and France.

Netflix stated in July that it would introduce a new ad-supported service in an effort to increase profits after the number of customers worldwide fell for four straight quarters.

Following a loss of 200,000 paying customers in the first three months of 2022, the streaming juggernaut lost 970,000 subscribers in the second quarter.

Due to slowing revenue growth, Netflix announced in June that it will reduce expenses to maintain 20% margins.

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Crypto bans are nothing new for the digital asset sector due to governmental scrutiny.

The social media juggernaut Meta, formerly Facebook, outlawed cryptocurrency advertisements on its site in 2018 before reintroducing them later in the year.

Exchange and wallet companies were once again permitted to advertise their services on the search engine in 2021.

After Google parent company Alphabet lifted a prohibition on crypto-related marketing.