Streamer Netflix announced on Tuesday that the company secured a 150% plus increase in upfront ad sales commitments compared to 2023. The news sent Netflix’s stock surging to an all-time high of $711.33 per share at one point on Tuesday.
In a blog post shared on its website, Netflix detailed its second year of Upfront negotiations and said that it managed to close deals with “all major holding companies as well as independent agencies.” The company said that it sold ads for its highly-anticipated upcoming releases like new seasons of hit TV shows Squid Game and Wednesday, the movie Happy Gilmore 2, and live sports events like WWE Raw and the Christmas Day NFL games.
Netflix listed LVMH, COTY Gucci, Amazon, Google, Pure Leaf, and Hilton among its major ad partners for the upcoming period. The company also said that it will launch its in-house ad tech platform globally in 2025.
“We’ll continue to improve the Netflix ads plan to ensure our members are delighted by the experience while simultaneously creating solutions that deliver results for our marketers, putting brands at the center of the best shows and films in the world, to a highly valuable and engaged audience,” Netflix said in the blog post.
After hitting an all-time high, Netflix’s shares experienced a slight slide to close at $698.54. This was still enough to mark the first record close for streamer’s stock in almost three years.