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The Great Netflix Ad-Tier Migration

The leading streaming service is trying to crack the advertising code without cannibalizing its own 300 million-strong subscriber base. It’s kind of, sort of, working.

Ted Sarandos, Greg Peters, Bela Bajaria Netflix
Advertising is mission critical to Netflix’s next stage of growth, and the company will need to continually ensure that its higher percentage of trade-in customers—that is, tier-switchers among existing subscribers—doesn’t drag down overall revenue. Photo: Roger Kisby/Getty Images
Julia Alexander
June 11, 2025

I was at the annual StreamTV conference in Denver this week, and nearly every conversation I had coalesced around the age-old topic of advertising, which is suddenly very much back in vogue. There are only so many streamers that people are willing to pay for, so the momentum these days largely favors free or heavily ad-supported platforms—like YouTube, which is eating premium media’s lunch.