According to a report by the Sydney Morning Herald, American streaming behemoth Netflix has decided to ban cryptocurrency and gambling ads on its cheaper subscription tier that is supposed to go live later this year.
The report, which cites anonymous sources, also says that Netflix plans to place restrictions on politics and pharmaceuticals.
The Los Gatos, California-based will reportedly launch earlier than expected in order to compete with the Disney+ ad-supported tear, which will be launched later this year.
The much-anticipated service will launch in Australia, Canada, the U.S., and Germany on Nov. 1. The cheapest tier will cost the streaming service only $7. However, no final decision has been made.
In July, Netflix announced that it had inked a partnership with tech giant Microsoft to develop its ad-supported tier. The deal is believed to have serious ramifications for the future of the company.
The streaming giant, which has so far resisted launching a cheaper plan with ads, has amended its strategy losing more than a million subscribers in the second quarter. In the first quarter of 2022, Netflix faced its first subscriber defection in nearly a decade. The tribalizing company is struggling to compete with high-profile rivals of the likes of HBO Max and Disney+. Paramount, a major Netflix competitor, has already embraced a hybrid morning with advertising.
As reported by U.Today, TikTok influencers were banned from promoting cryptocurrencies in early July 2021.
Meta (formerly Facebook) also banned crypto advertising back in January 2018 before reversing its stance.