Netflix is planning on introducing less expensive subscription plans, supported by advertising.
The streaming giant will roll out the new plans “over the next year or two” according to The Hollywood Reporter, with Netflix COO Greg Peters calling advertising “an exciting opportunity for us”.
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“Those who have followed Netflix know that I have been against the complexity of advertising, and a big fan of the simplicity of subscription,” Netflix co-CEO Reed Hastings said.
“But as much as I am a fan of that, I am a bigger fan of consumer choice. And allowing consumers who would like to have a lower price, and are advertising-tolerant, get what they want, makes a lot of sense.”
The move comes after Netflix lost 200,000 subscribers during its most recent quarter, falling short of the expectation to add 2.5million subscribers across the start of 2022
“In terms of the profit potential, definitely the online ad market has advanced, and now you don’t have to incorporate all the information about people that you used to,” Hastings went on.
“We can stay out of that, and really be focused on our members, creating that great experience.”
Pete Davidson, Gunna, Chris Redd and Simon Rex collaborated for the comedy song that lambasted films that exceed runtimes of 100 minutes as not suitable for late-night viewing.
Netflix responded to the video on social media with the caption “Good idea,” and a link to the newly created Short-Ass Movies category, which includes selections that adhere to the SNL sketch’s call for “a really short movie, like at most an hour 40″.