Netflix Stock Jumps After Reporting Nearly 5 Million Customers on Ad Plan
variety.comTodd Spangler NY Digital Editor Shares of Netflix jumped more than 10% Thursday on news that the streamer had signed up almost 5 million customers for its ad-supported plan within six months of launch.
At Netflix’s first-ever upfronts event Wednesday — held virtually — the company touted that it had signed up nearly 5 million global monthly active users following its initial introduction in early November 2022.
About 80% of viewing by subscribers on the ad plan is on a TV, and the median viewer age of 34, according to the company. In addition, Netflix said more than 25% of new customer signups are now choosing the ad plan in the 12 countries where it has been rolled out, including the U.S.
Until now, Netflix hasn’t provided details on the traction of its baby steps into the advertising biz, and the 5 million figure clearly spurred enthusiasm among investors. “We are just getting started,” Peter Naylor, VP of global advertising sales at Netflix, said the virtual upfront.
Read more on variety.com
