Netflix is developing the ad-supported tier for a long time, and the company announced it will launch the new tier soon. Additionally, there are details about the new ad-supported subscription plan such as prices, extras, and limits. For this tier, Netflix decided to hire a new executive. The brand is hiring Snap’s chief business officer and top ad exec, Jeremi Gorman. Here are the details.
Jeremi Gorman is leaving to run ads at Netflix
Snap will lose two significant people with the leaving. Jeremi Gorman, the chief business officer, and Peter Naylor, Snap’s vice president of ad sales for the Americas, will leave Snap and start working at Netflix. Russ Caditz-Peck, a Snap spokesperson, accepted the departures.
COO Greg Peters from Netflix said in a statement, “Jeremi’s deep experience in running ad businesses and Peter’s background in leading ad sales team together will be key as we expand membership options for consumers through a new ad-supported offering.”
This leavings happened after Snap’s planning to lay off nearly 20% of its more than 6,400 employees. Snap’s stock price has lost nearly 80% of its value since the beginning of this year. That’s why the company said it would decrease hiring and look for ways to cut costs. Additionally, the social media app announced it is planning to lay off approximately 1,200 employees.
Netflix will launch the ad-supported tier at prices 7$-9$ according to the claims. Additionally, the new tier will not include some extras like the ability to download videos and watch offline according to the rumors. We will see the details about the new subscription plan when the company officially announces it.