Netflix — Oct 21, 2025 release

In that time, we’ve gone from zero members on our ads plan to achieving sufficient scale in all 12 of our ads markets (and we’ll continue to grow from here), building out our ad sales and operations teams, and enhancing our capabilities for advertisers including launching our own first party ad tech stack (Netflix Ads Suite). We have a solid foundation and are increasingly confident in the outlook for our ads business. We are now on track to more than double our ads revenue in 2025 (still off a relatively small base) and we successfully concluded our US upfront with commitments more than doubling this year. With the Netflix Ads Suite fully deployed across all our ads markets for a full quarter, we now have greater opportunities for innovation like enhanced targeting and for integrating additional demand sources. For instance, we recently announced we will integrate Amazon’s DSP globally and AJA’s DSP in Japan into our programmatic offering, with availability beginning in Q4’25. These efforts should help create a better, more relevant experience for our members and help advertisers drive even better results. __________________________________ 13 Eyeline is Netflix's VFX, technology and innovation company. 5 Competition The entertainment business is very broad, very large, and fiercely competitive. In addition to other streaming services, we compete with linear TV, social media, video gaming, theatrical movies, concert going, book reading, music listening, and all the options people have for their leisure time. As a result, we’ve always faced and continue to face intense competition from many formidable companies (local and global) in a