Netflix Reportedly Rejected Crypto Ads From Australia's New Subscription Plan: What You Need To Know

Streaming giant Netflix Inc NFLX reportedly in talks to introduce new ad-based subscription service in Australia, but cryptocurrency-related content won't be part of it .

What happened: As part of the rollout of its new service in Australia, the streaming giant decided to reject ads related to cryptocurrency, politics and gambling, The Sydney Morning Herald reported, citing unnamed local media sources. .

A Netflix spokesperson told the publication that the streaming service is considering running ads in the middle of a schedule in a new service that may be offered in November.

Netflix has not responded to Benzinga's request for comment at the time of writing.

The company is reportedly still deciding how to bring the new service to market, but the ad-based tier would cost as little as $8, while paying customers can still enjoy an ad-free Netflix.

"We are still in the early days of deciding to launch a cheaper, ad-supported option and no decision has been made. This is just speculation at this stage said the Netflix spokesperson.

Why it matters: Cryptocurrency ads have been a controversial topic on many mainstream websites and platforms. Alphabet Inc.'s GOOGL GOOG Google banned all cryptocurrency-related advertising in 2018, but reversed that policy in August 2021.

In July, Netflix reported second-quarter revenue of $7.97 billion, missing a Wall Street estimate, and said ad-supported plans would start as early as 2023.

Price Action: NFLX shares closed down 1.71% on Friday, according to data from Benzinga Pro. Bitcoin BTC/USD was trading at $19,776, down 0.48% over 24 hours.

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