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Netflix saw its stock rise nearly 10% on Thursday after the streaming service unveiled details about its new ad-supported tier this week.
The streaming service said it had 5 million monthly active users for its cheaper, ad-supported option and that 25% of its new subscribers were signing up for the newest tier.
The update came at Netflix’s inaugural pitch to advertisers on Wednesday, the first time Netflix took part in the industry’s so-called Upfront presentations.
Netflix launched the ad-based option in late 2022, following quarters of stagnating subscriber growth, which sent its stock tumbling.
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