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Netflix CFO has no plans for advertising but ‘never say never’ -Breaking

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© Reuters. FILEPHOTO: This illustration shows the Netflix logo on a remote controller for a television. It was taken in January 2022. REUTERS/Dado Ruvic/Illustration/File Photo

By Lisa Richwine

LOS ANGELES, (Reuters) – A senior executive of Netflix Inc (NASDAQ 🙂 said Tuesday that while the company does not currently have plans to provide a streaming option with advertising, it is open to future possibilities.

Spencer Neumann (CFO) said, “Never Say Never,” when Spencer Neumann was asked about whether the company would reconsider its position. “It’s not something we have in our plans right now.”

Wall Street analysts have asked Netflix to create a lower-cost advertising tier to increase its revenue. Netflix’s growth rate has been slower in recent quarters and Netflix shares are down nearly 43%.

Walt Disney (NYSE:) Co on Friday announced it would offer an ad-supported streaming option for Disney+, joining AT&T (NYSE:)’s WarnerMedia, Comcast Corp (NASDAQ:) and others trying to attract customers who are willing to watch commercials to avoid paying a monthly fee.

Neumann, a spokesperson for Netflix said that “it’s no like we have religion versus advertising.” Morgan Stanley (NYSE:) Technology, Media & Telecom Conference.

However, he stated that company is focused on expanding its existing business and attracting customers to the site who don’t want commercials. Neumann stated that he believes the company has a unique model and a subscription service that can scale globally.

He said, “It is hard for us not to notice that others do it. But for the moment it doesn’t make any sense.”

Neumann said that Netflix saw this year as an “learning year” in its mobile game venture. Up to now, 14 games have been offered by the company.

He said, “This is something that I hope will be a major part of our company in the next decade.” It is unlikely to become a major part of our business over the next twelve months.

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