Reed Hastings admits Netflix should have added commercials years ago

'I didn’t believe in the ad-supported tactic for us. I was wrong about that,” Netflix co-CEO Reed Hastings said Wednesday. 'I wish we had flipped a few years earlier on that.'

Reed Hastings admitted Wednesday that Netflix Inc. should have launched an ad-supported tier years ago.

After years of dismissing calls to bring advertising to Netflix, the streaming-video company finally added a cheaper, ad-supported tier in October in an effort to revive stagnant user growth. “What I failed to understand is that there is a lot of TV advertising that now couldn’t find the viewers because the 18- to 49 segment had moved on and were not watching linear TV,” he said. “We didn’t have to steal away the advertising revenue. It was pouring into connected TV. The inventory was there.”

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