The numbers

94 million — Netflix’s previously announced monthly active users for the ad tier.

16% — The streamer’s revenue growth in Q2.

$44.8-$45.2 billion — Netflix’s new 2025 revenue forecast, up from $43.5-$44.5 billion.

2X — Netflix expects to double ad revenue in 2025.

The watercooler talk

In its 2025 second-quarter earnings letter on Thursday, Netflix revealed that its upfront talks are “nearly complete,” with the “vast majority” of deals with major agencies now closed. According to the company, it’s “pleased with the results,” which are consistent with its goal to “roughly double ads revenue” from last year.

Though Netflix didn’t share its total dollar volume for commitments in 2024, the company stated it had a “150%-plus increase in upfront ad sales” at the time.

In addition, the streamer said it had completed the rollout of its Netflix Ads Suite, its in-house first-party adtech platform, to all of its ads markets, and early results are “in line” with expectations. The company noted that the in-house ad suite is “foundational” to its long-term ad goals, giving the streamer the opportunity to offer better measurement, enhanced targeting, innovative ad formats, and expanded programmatic capabilities over time. The company also reiterated that it will integrate Yahoo DSP into its programmatic offerings.

The key quote

“Our U.S. upfront is nearly complete as we have closed the vast majority of our deals with the major agencies. We’re pleased with the results, which are consistent with our goal to roughly double ads revenue this year. Clients are excited about our growing scale, the successful rollout of our tech stack, as well as our upcoming programming slate,” Netflix said in its second quarter earnings letter to shareholders.