Wednesday, May 18, 2022

Netflix tells employees ads may appear by end of 2022, NYT reports

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Netflix Inc (NFLX.O) could introduce its lower-priced ad-supported subscription plan by the end of the year, earlier than originally planned, the New York Times reported on Tuesday.

The streaming pioneer is also planning to start cracking down on password sharing among its subscriber base around the same time, the report said, citing an internal note to employees.

Netflix did not immediately respond to a Reuters request for comment.

The company last month posted its first loss of subscribers in more than a decade and signalled deeper losses ahead, a stark shift in fortune from the boom it recorded during the pandemic.

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The lagging subscriber growth prompted Netflix to contemplate offering a lower-priced version of the service with advertising, citing the success of similar offerings from rivals HBO Max and Disney+.

Also Read:Netflix cancels Meghan Markle’s animated series ‘Pearl’

 

Chief Executive Reed Hastings said in April’s earnings call that the company would “figure out (the plan) over the next year or two.”

Netflix has also said it would crack down on users sharing passwords as competition and password sharing was making it harder to grow.

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