Netflix hits 40 million users for ad-supported plan

A man stands next to a logo of Netflix during an event in Mumbai, India, February 29, 2024. REUTERS/Francis Mascarenhas/File photo

(Reuters) - Netflix said on Wednesday its ad-supported tier has reached 40 million global monthly active users, from 5 million a year earlier, a sign that its push to attract new users with the cheaper plan is paying off.

The jump comes at a time when streaming companies are facing stiff competition and introducing bundles with their rivals to retain subscribers.

Netflix, which launched the ad-supported plan in November 2022, said that 40% of all sign-ups come from those plans in the countries where they are available.

In the fourth quarter, the majority of gross subscriber additions for the streaming industry came from ad-supported plans for the first time, data from research firm Antenna showed earlier this week.

Netflix also said it will launch an in-house advertising technology platform by the end of 2025.

Earlier on Wednesday, Netflix said it would stream two National Football League games on Christmas Day this year, doubling down on efforts to add more live programming to its streaming service.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Shounak Dasgupta)

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