Netflix bans cryptocurrency ads: media
By Ihor Shulhach 2076 13 Sept 2022
Streaming service Netflix plans to launch a new subscription option with a ban on cryptocurrency ads.
The Sydney Morning Herald insider claims that the decision was made by Netflix management to avoid fines and litigation from regulators.
Such precautions were due to the fact that in almost all countries, the law allows regulators to punish media platforms that have advertised projects found to be fraudulent and violating the law.
In addition to banning ads for cryptocurrencies, the new Netflix subscription plan will also not show ads for gambling, children’s products, or any political ads. Also, the company’s management said it is considering a ban on pharmaceutical ads.
The new rules were not supposed to work on Netflix until 2023, but the deadline was moved to November 1. According to the sources of the publication, such a hurry was due to competition with the streaming service Disney +, which plans to present its own advertising rules on December 8.
Netflix itself has not yet made a big announcement but confirmed the information that work on the new subscription plan is underway. According to a company representative, there are no final decisions yet, and the launch of a cheaper subscription option is only being discussed.
Previously, similar bans were imposed by tech giants Google and Meta. However, over time, they softened their policy regarding cryptocurrency advertising.
It is worth noting that in just the first three months of 2022, Netflix lost 200 thousand viewers. In the second quarter of this year, the number of unsubscribes from the service increased to 970 thousand.