Netflix, the world-famous streaming platform has put a ban on crypto-related advertisements and commercials.
These ads shall not be allowed on the ad-supported subscription tier. This is planned on being launched in the month of November, which is quite early to the scheduled date.
According to other local sources, it was reported that Netflix has decided that it shall not accept advertisement campaigns that were attached to cryptocurrencies, gambling and even politics and not be included in this subscription tier.
The advertisements which shall not be included also include campaigns related to products that target children.
Additionally, Netflix is also not onboard with advertisements that are tied to the pharmaceutical industry.
The California-based platform will be launching earlier than expected in order to conclude the Disney+ ad-supported tier, which has been planned to launch sometime at the end of this year.
The services are supposed to be launched in Australia, U.S, Germany, and France on November 1. It has supposedly reported that the cheapest tier shall be priced at $7.
Crypto Bans Are Not News For The Industry
Crypto bans have not been new happening in the industry. Owing to consistent regulatory scrutiny advertisements related to the crypto industry have been on the decline.
Social platform Facebook, now called Meta, a few years ago banned crypto ads across its entire platform, however, that year itself the ban was overruled by Facebook.
The number of global subscribers has been depreciating in consecutive quarters, and to address that Netflix in July mentioned that it would launch a new ad-supported service that would boost revenues.
Reportedly, in its second quarter, Netflix lost 970,000 paid subscribers in the first three months of 2022.
This demonstrated a slump in revenue growth and it was later disclosed that the streaming platform would have to cut costs and keep margins at 20%.
Alphabet Google-parent had also changed its decision to ban crypto advertisement by allowing the exchanges and wallet operators to promote their services on the search engine.
Less Clarity Regarding Which Places The Crypto Ad Ban Will Be Operational
There is still a lack of clarity if the prohibition on cryptocurrency advertisements will completely apply to Australia or if other nations will be included in the crypto ad ban.
Netflix is yet to give out information about which nations were to use the ad-supported service which includes the United States, the United Kingdom, Canada, France, and also Germany.
This new ad-supported service shall be priced at $8, making that subscription more economical than the standard Netflix streaming membership.
Ad viewing is still an option for subscribers who will be needed to pay the entire fee. Sources also suggest that Netflix might start to put advertisements in the middle of shows as a part of the new scheme.