 "Netflix")
Hit by a dwindling user base, streaming giant Netflix has partnered Satya Nadella-run Microsoft for its new ad-supported subscription plan for its over 221 million subscribers.
Microsoft will be Netflix's global advertising technology and sales partner to support all its advertising needs as "we work together to build a new ad-supported offering," said Greg Peters, COO and Chief Product Officer, Netflix.
In April, the streaming platform announced to introduce a new lower priced ad-supported subscription plan for consumers, in addition to the existing ads-free basic, standard and premium plans, as it faces slow growth and recently trimmed its workforce.
Mikhail Parakhin, President of Web Experiences at Microsoft said late on Wednesday that at launch, consumers will have more options to access Netflix's award-winning content.
"Marketers looking to Microsoft for their advertising needs will have access to the Netflix audience and premium connected TV inventory. All ads served on Netflix will be exclusively available through the Microsoft platform," he informed.
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Peters said that these are early days "but our long-term goal is clear: More choice for consumers and a premium, better-than-linear TV brand experience for advertisers".
Netflix saw its stock tumbling by 20 per cent after it reported a loss of 2 lakh paid subscribers in the first quarter of 2022 -- its first subscriber loss in over a decade.
Moreover, Netflix forecast a global paid subscriber loss of 20 lakh for the second quarter (Q2).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
