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Netflix increases it's global subscriber count 16% year over year, ad-supported business up 34%

Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming.

Netflix reported second-quarter earnings Thursday that showcased the media giant's position at the head of the streaming race as it added more global subscribers and saw its advertising business bloom. Netflix's stock has been uplifted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing. Netflix co-founder Reed Hastings admitted in late 2022 he was slow to come around to offering a cheaper, ad-supported option for subscribers since he was focused on digital competition from Facebook and Google.

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