Shares of Netflix are up big after the video-streaming giant announced it has five million subscribers to its ad-supported service.
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The jump in Thursday’s share price puts Netflix closer to its highest close since April 5, 2022, when it finished the trading session at $380.15. The spike in value also marks the highest percentage increase since October 2022, when the stock value skyrocketed 13%.
The company said more than a quarter of new signups are opting for the ad-supported plan in countries where it's available.
Meanwhile, the median age of ad-supported subscribers is 34, with roughly 70% of those choosing the ad-supported plan.
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Netflix also said brands will be able to sponsor popular series at launch and can seek brand placement in Netflix's top 10 programs.
Beginning in the fourth quarter of 2023, brands can use Nielsen Digital Ad Ratings.
