It is, however, unclear whether the ban on cryptocurrency advertisements will solely apply to Australia or to all countries that use the ad-supported service.
American streaming platform Netflix has announced that it is banning advertisements related to crypto and gambling on its ad-supported subscription tier that is supposed to go live later this year.
According to a report by the Sydney Morning Herald, the ban introduced by Netflix will not exclude any of the big crypto assets, which include Bitcoin, Ethereum, XRP, Solana, BNB, and others.
The report also claims that the streaming platform is also planning on placing restrictions on political, gambling, and pharmaceutical advertisements, as well as advertisements selling products to children on its new subscription tier.
The new ad-supported subscription tier, which is scheduled to launch in November, is months ahead of schedule. According to reports, Netflix accelerated the launch of its cheaper ad-supported tier to November in order to compete with Disney+, which will debut its ad-based plan on December 8. Netflix had initially planned to launch its ad-supported tier at the start of 2023.
The new Netflix subscription tier will reportedly launch on Nov. 1 across several countries, including the US, Canada, the UK, Germany, and France.
It is, however, unclear whether the ban on cryptocurrency advertisements will solely apply to Australia or to all countries that use the ad-supported service.
In July, Netflix announced that it would introduce a new ad-supported service in an effort to increase profits after the number of global subscribers fell for four straight quarters. Following a loss of 200,000 paying customers in the first three months of 2022, the streaming platform lost 970,000 subscribers in the second quarter. Due to slowing revenue growth, Netflix announced in June that it would reduce expenses to maintain 20% margins.
The streaming giant had resisted launching a cheaper plan with ads but went back on its decision after losing more than a million subscribers in the second quarter, coupled with fierce competition from high-profile rivals including HBO Max and Disney+.
Due to governmental scrutiny, crypto bans are increasingly becoming the new norm for the digital asset sector. The social media giant Meta, formerly Facebook, banned cryptocurrency advertisements on its site in 2018 before reintroducing them later in the year.
Google-parent Alphabet also reversed a ban on crypto-related advertisements in 2021, allowing exchanges and wallet operators to again promote their services on the search engine.
TikTok influencers were also banned from promoting cryptocurrencies on the platform in early July 2021.
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