Netflix CEO calls resisting ads a mistake

December 1, 2022 - 11:30 AM
Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. (Reuters/Dado Ruvic/File Photo Global Business Week Ahead/File Photo)

Netflix Inc NFLX.O co-founder Reed Hastings on Wednesday said he was “wrong” to resist ads for his streaming service.

Hastings said Hulu proved streaming services could support advertising and offer consumers lower prices.

“I wish we had flipped a few years earlier on it,” Hastings said during the New York Times DealBook summit.

Netflix launched a lower-priced, ad-supported version of the streaming service earlier this month.

—Reporting by Dawn Chmielewski in Los Angeles; Editing by Lisa Shumaker