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Netflix saw its stock rise nearly 10% on Thursday after the streaming service unveiled details about its new ad-supported tier this week.
The streaming service said it had 5 million monthly active users for its cheaper, ad-supported option and that 25% of its new subscribers were signing up for the newest tier.
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The update came at Netflix’s inaugural pitch to advertisers on Wednesday, the first time Netflix took part in the industry’s so-called Upfront presentations.
Netflix launched the ad-based option in late 2022, following quarters of stagnating subscriber growth, which sent its stock tumbling.
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This article was originally published by Cnbc.com. Read the original article here.