According to media reports, Netflix has landed two Snap executives to lead its ad-supported tier project.
Earlier this week, Snap’s chief business officer and lead ad executive, Jeremi Gorman, and its vice president of ad sales, Peter Naylor, announced their departure from the company. Snap spokesperson Russ Caditz-Peck confirmed the pair’s departures.
The execs are leaving the company during a turbulent time as it restructures its ads team and plans to lay off around 20 per cent of its workforce.
Kumiko Hidaka, Netflix spokesperson, recently confirmed that Gorman and Naylor would join the company.
The streaming service indicated that Gorman will take the position of president of worldwide advertising and report to COO Greg Peters, while Naylor will lead Netflix’s ad sales organisation under Gorman.
Greg Peters said in a statement, “Jeremi’s deep experience in running ad businesses and Peter’s background in leading ad sales teams together will be key as we expand membership options for consumers through a new ad-supported offering.”
In June 2022, Netflix also underwent a round of layoffs, cutting its staff complement by 300 employees.
The streaming platform is working on a cheaper ad-supported tier, which it is considering pricing at around half the price of its standard subscription.