Netflix, a global leading streaming platform, on Thursday launched a new subscription package in an effort to expand revenue generation.
Subscribers in the United Kingdom, the United States and other ten countries can now opt out for a lower subscription package with four to five ads per hour.
The package called Basic With Ads is similar to the ad-backed HBO Max version from Warner Bros. but lower in subscription fee by $3 and $1 less than about to be launched Disney+ with commercials.
A breakdown of the new ad-backed subscription package showed Netflix will charge Basic subscribers in the United States with ads $6.99 a month, instead of $9.99. In the United Kingdom, Basic with ads dropped to £4.99, down from £6.99.
In Canada and Australia, the streaming platform planned to lower basic subscriptions to 5.99 CAD/month and AU$6.99/month from 9.99 CAD/month and AU$10.99/month, respectively.
According to Bloomberg, Netflix had previously refused advert placement on its platform and pushed its brand as a commercial-free cable alternative. However, with subscriptions stalling in the last two years, the company is forced to explore revenue-generating alternatives.
In the briefing that followed the announcement, the company claimed it has sold out most of its ad inventory for Basic With Ads. It is however unclear, the number of subscribers that would forego a small portion of their subscription fee for higher-internet data and be willing to spend more time watching Netflix movies.
“We’re confident that with Netflix starting at $6.99 a month, we now have a price and plan for every fan,” Chief Operating Officer Greg Peters said in a company statement. “While it’s still very early days, we’re pleased with the interest from both consumers and the advertising community.”
Netflix shares jumped $10.77 or 4.79% to $231.48 a share immediately after the package was announced. The shares have been down by $367.40 or 61.50% from the year to date before it pared losses slightly after the news.
Netflix has partnered DoubleVerify and Integral Ad Science to help measure viewability and traffic validity, and also to ensure that the same ads do not show too often.
Ads will run from 15 to 30 seconds each, before and during TV shows and films, Netflix said. The package is optional and would be rolled out globally on November 11, 2022.
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Nigeria to Implement Biometric Clearance Gates at International Airports by March 2024
Nigeria is gearing up to introduce a significant upgrade to its airport security measures with the implementation of biometric clearance gates at international airports by March 2024.
This move aims to streamline passenger processing and bolster national security efforts.
Under the plan, five major international airports across Nigeria, including the Murtala Muhammed International Airport in Lagos, Nnamdi Azikiwe International Airport in Abuja, Mallam Aminu Kano International Airport, Port Harcourt International Airport, and Akanu Ibiam International Airport in Enugu, will be equipped with biometric clearance gates.
These gates will utilize advanced technology to provide seamless clearance services for passengers entering the country.
Minister of Interior, Olubunmi Tunji-Ojo, emphasized that the installation of biometric gates reflects Nigeria’s commitment to enhancing border control management and adhering to global best practices.
The gates are expected to significantly reduce clearance times, with a passenger clearing in just 30 seconds.
Tunji-Ojo highlighted the gates’ dual purpose: expediting passenger processing while also enhancing national security by allowing for quick identification of persons of interest.
The initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, aiming to provide quality services to Nigerians while ensuring national security.
This modernization effort is poised to address long-standing issues of delays and improve the overall travel experience for passengers at Nigeria’s international airports.
President Bola Tinubu to Inaugurate Red Line Mass Transit Train on February 29
President Bola Tinubu is slated to inaugurate the long-awaited Red Line Mass Transit Train on February 29, according to the Lagos State Governor, Mr. Babajide Sanwo-Olu.
The disclosure came during the Lagos State Parking Authority (LASPA) Stakeholders’ Forum 2024, held in Lagos.
The Red Line, a pivotal component of the state’s integrated mass transit system, stretches from Agbado in Ogun State to Oyingbo in Lagos Mainland.
The project aims to alleviate the perennial traffic congestion in Lagos, offering commuters a faster and more efficient mode of transportation.
Governor Sanwo-Olu highlighted the state’s commitment to addressing traffic challenges and emphasized the importance of the Lagos State Parking Policy in regulating parking across the metropolis.
The policy established the Lagos State Parking Authority (LASPA), tasked with implementing innovative parking solutions.
He underscored the collaboration between the state government and local authorities, recognizing the strategic partnership with the Association of Local Governments of Nigeria (ALGON) in parking regulation efforts.
The forthcoming inauguration marks a significant milestone in Lagos’ transportation infrastructure, promising improved mobility and reduced commute times for millions of residents.
With President Tinubu set to officiate the event, anticipation is high as the city prepares for this transformative development in its public transportation landscape.
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