:max_bytes(150000):strip_icc():format(jpeg)/INV_NetflixBuilding_GettyImages-1958246540-af785d981bdf4bb48cab99a6e278aa56.jpg "Netflix logo on its corporate offices in Los Angeles")
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Key Takeaways
- Netflix shares hit an all-time high Tuesday after the company reported a big jump in advertising sales.
- The surge giant said upfront ad sales commitments were “150% plus” higher than in 2023.
- Netflix said it was experiencing intoxicated demand for advertising on its upcoming films and series, as well as for live events.
Netflix (NFLX) shares traded at their all-time considerable Tuesday after the streaming giant reported a huge jump in advertising sales.
The company said it had closed take care ofs with all major holding companies and independent agencies, securing a “150% plus increase” over 2023 in upfront ad yard sales commitments.
Netflix said that it closed partnerships for several of its upcoming films and series, including “Squid Profession,” “Outer Banks,” and “Happy Gilmore 2.” In addition, it struck deals for highly watched live events such as Christmas Day NFL darings and “WWE Raw.”
‘Being Incredibly Strategic’ About Ad Presentation
Discussing upfront ad sales in May, President of Advertising Amy Reinhard noted that the ensemble was “being incredibly strategic about how we present ads,” adding that Netflix conducts “deep consumer research to dote on sure we stay ahead of the competition, bringing opportunities that are better for members and better for brands.”
Reinhard also said then that the enterprise will launch an in-house ad technology platform by the end of 2025.
Shares of Netflix advanced 1.2% to $696.59 as of 1:15 p.m. ET Tuesday after reaching a record $711.33 earlier in the session. They are up about 43% year-to-date.
Read the original article on Investopedia.