Netflix, which is set to revamp its subscription plans this November, is hesitant to allow crypto-related ads to air on its platform. While the streaming giant has yet to reveal official details about its decision, sources familiar with the matter have shared the information with the media. The main reason why Netflix does not want to expose its more than 200 million global users is the regulatory uncertainty that is shadowing the fintech industry worldwide.
The commercials shown on Netflix are planned to be non-skippable. Hence, viewers will be exposed to the crypto sector as well as the financial risks associated with it, The Sydney Morning Herald said. Report,
Along with the crypto sector, Netflix may refuse to allow ads related to politics and gambling apps to be featured on the platform.
The company is also considering whether to restrict advertisements related to pharmaceuticals.
In recent times, there have been a lot of people talking about taking crypto ads to commercial time on popular sports shows, including the Super Bowl.
This Coinbase ad is especially dangerous, because we *know* that people repost Superbowl ads. Many clips of advertisements appear on Twitter. Attackers can easily replace Coinbase with their own clip with their own QR code. It’s almost a metaphor for crypto.
— Wells (Oakland NB in a new location) (@WellsLucasanto) 14 February 2022
Remove stocks and robinhood…insert crypto. I was just trying to point out that you may have a different opinion than mine, but these ads sound like endorsements and are very dangerous. There are people who have lost everything in crypto. pic.twitter.com/zasyJoh86W
— Alan Graham (@agraham999) 23 May 2022
There are hundreds of advertisements and commercials that we have all seen talking about crypto
Always mention how much more money you can make
But don’t even once mention how risky and dangerous it is compared to traditional stock investing https://t.co/q7QvHzn2k7
— Stan Account (@TheresAlfonso25) 16 February 2022
While Netflix has yet to officially announce its stance on crypto advertising, these promotional materials have faced reluctance in other areas as well.
In March, the UK’s advertising watchdog sent out a red alert to more than 50 companies for drawing the public’s attention to crypto assets and exposing them to financial risks.
Meanwhile, earlier this year, the Advertising Standards Council of India (ASCI) issued a set of guidelines for advertising virtual digital assets (VDA) such as crypto and non-fungible tokens (NFTs).
According to Guidelines, all virtual digital asset-related advertisements released on or after April 1 must contain a disclaimer that reads, “Crypto products and NFTs are unregulated and can be extremely dangerous. There can be no regulatory remedy for damages arising out of such transactions.”