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Netflix's ad-tier plan costs $6.99 per month, compared with monthly plans of $9.99 from Warner Bros Discovery's streaming service Max and $7.99 for Walt Disney's Disney+. Last month, Comcast-owned streaming service Peacock said it would raise prices of its plans, that would take its ad-supported plan to $7.99 per month.
Netflix also said it will launch an in-house advertising technology platform by the end of 2025, in a bid to offer clients new ways to buy ads and better engage with users.
Netflix launched its cheaper ad-tier plan in many countries last year which now has grown with more users signing up for the plan.
Netflix said on Wednesday its ad-supported tier has reached 40-million global monthly active users, from 5-million a year earlier, a sign that its push to attract new users with the cheaper plan is paying off.
Netflix sees a surge in ad-supported tier adoption, with global monthly active users reaching 40 million. The strategy to attract new users with a more affordable plan is successful amid fierce streaming competition.