Broadcasting giant Netflix has reportedly banned commercials related to cryptocurrency on its ad-supported subscription category, which is set to launch in November ahead of schedule.
Citing local sources, The Sydney Morning Herald reported Monday that Netflix has decided to reject all advertising campaigns related to politics, gambling and cryptocurrency on the new subscription category.
The same sources have indicated that restrictions on advertisements for pharmaceutical products are also being considered, Cowen Telegraph reported.
According to Variety, Netflix has pushed its cheaper ad tier release schedule until November to compete with Disney+, which launches its own ad-based plan on December 8. Initially, Netflix was planning to launch its ad-supported level at the beginning of 2023.
Variety said that Netflix's new subscription tier will start operating on November 1 in several countries, including the United States, Canada, the United Kingdom, Germany and France.
With global subscribers declining in consecutive quarters, Netflix announced in July that it would launch a new ad-supported service to boost revenue. In the second quarter, the streaming giant lost 970,000 paid subscribers after losing 200,000 subscribers in the first three months of 2022.
Faced with slowing revenue growth, Netflix revealed in June that it would cut costs to keep its margins at 20%.
