Netflix announced Tuesday that it has poached two top executives from Snapchat parent company Snap Inc. to lead its ad sales team. We help you plan for Netflix.
Netflix has confirmed that it has hired Snap Chief Business Officer Jeremi Gorman as its new president of global advertising. Snap’s vice president of advertising sales, Peter Naylor, also held the same role for the streaming service.
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The hiring of these two veterans demonstrates Netflix’s commitment to building an ad-supported version of its streaming service. The service is scheduled to start next year.
“You have two executives who are very well positioned to help Netflix move quickly,” Rich Greenfield, a partner at Lightshed Partners, told Reuters. They have great relationships with brands and advertisers who want to advertise on Netflix.”
Snap has announced that its chief business officer, Jeremy Gorman, and vice president of ad sales for the Americas, Peter Naylor, have stepped down. A respected executive, Gorman spent six years at Amazon.com before joining Snap in 2018.
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Gorman oversees a global sales team serving corporate advertisers, and Naylor joined the company two years ago after helping grow Hulu’s strong ad-based subscription tier. Naylor served as Hulu’s senior vice president of ad sales for six years before he joined Snap in 2020.
Netflix announced plans to offer a cheaper version of its commercial-laden streaming service in July after announcing its first quarterly membership decline in over a decade. 220.67 million subscribers, down nearly 1 million subscribers. The new executive brings established relationships with advertisers looking to advertise on Netflix.
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“This is a message that Netflix is serious about building an advertising business quickly,” said Greenfield.
Reuters contributed to this report.