Netflix Stock Soars with Ads

Netflix's ($NFLX@US) stock rose over 9% after unveiling details about its new ad-supported tier, indicating that the business model is starting to pay off. The streaming giant reported having five million monthly active users for its cheaper ad-supported option, with 25% of new subscribers opting for this tier. This move comes after quarters of stagnant subscriber growth negatively affecting Netflix's stock. Netflix's ad tier, priced at $6.99 monthly, includes 15- or 30-second commercials before and during content. The company plans to introduce multiple subscription plans with ads in the future, which could attract more subscribers.