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Netflix Shares rose nearly 10% on Thursday after the streaming service unveiled details this week about its new ad-support tiers.
The streaming service says it has 5 million monthly active users thanks to its cheaper ad-supported options, and 25 percent of new users sign up for the latest tier.
The update came as Netflix made its first pitch to advertisers on Wednesday, the first time Netflix has participated in what the industry calls an Upfront presentation.
Netflix launched an ad-based option in late 2022 after several quarters of stagnant subscriber growth that sent its stock tumbling.
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