Netflix Partners 🤝 With Microsoft to Launch ad Supported Subscription Plan

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Netflix Partners 🤝 With Microsoft to Launch ad Supported Subscription Plan

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Netflix has announced a partnership with Microsoft to launch its first ad-supported subscription.

The development comes months after the streaming giant announced a new ad-supported offering amid the company’s declining subscriber base.

“Microsoft has the proven ability to support all our advertising needs as we work together to build a new ad-supported offering,” Netflix COO Greg Peters writes in the post.

“More importantly, Microsoft offered the flexibility to innovate over time on both the technology and sales side, as well as strong privacy protections for our members,” he added.

Microsoft said that it is excited to be named the streaming giant’s technology and sales partner. The partnership will provide marketers with access to the Netflix audience and connected TV inventory.

All ads served on the streaming platform will be exclusively available through the Microsoft platform.

While Netflix said that the plan is in its early days, its long-term goal is to offer more choice for consumers and a premium, better-than-linear TV brand experience for advertisers.

Microsoft Announces Job Cuts ✂️ as New Fiscal Year Begins

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Microsoft has become the latest tech company to announce job cuts during a period of mounting economic uncertainty. The tech giant has reportedly laid off 1800 employees across different regions.

Microsoft noted that the job cuts are part of its realigned business groups and roles after the close of its fiscal year on June 30.

The company will continue to hire new employees and end the current fiscal year with an increased headcount.

“Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly,” Microsoft said in a statement.

“We will continue to invest in our business and grow headcount overall in the year ahead,” it added.

The layoffs will reportedly affect less than 1% of Microsoft’s 180,000 workforce and follow no clear pattern concerning geography or product division.

The job cuts also come after the company slowed hiring in the Windows, Teams, and Office groups while assuring that hiring hadn’t been affected by industry headwinds.

Crypto Lender Celsius is ‘Deeply Insolvent,’ 🚨 Says Vermont State Regulator

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Crypto lending firm Celsius Network “is deeply insolvent,” alleged the U.S. state of Vermont’s Department of Financial Regulation (DFR), noting that the lender lacks the assets and liquidity to honor its obligations to account holders and other creditors.

“The Department believes Celsius is deeply insolvent and lacks the assets and liquidity to honor its obligations to account holders and other creditors,” the DFR said in a statement.

“Celsius deployed customer assets in a variety of risky and illiquid investments, trading, and lending activities. Celsius compounded these risks by using customer assets as collateral for additional borrowing to pursue leveraged investment strategies,” it added.

Celsius is facing financial troubles in the latest crypto crisis. The lender suspended withdrawals starting June 12, cut its workforce, and hired restructuring experts to advise on its financial situation.

The financial regulator thinks that Celsius has been engaged in “an unregistered securities offering” by providing crypto interest accounts to retail investors.

Due to several such concerns about Celsius, DFR has joined a multistate investigation into Celsius.

Headless Content Management System Kontent Raises $40 Million in Funding 💰

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Kontent, a headless CMS that simplifies content production for marketers, has raised $40 million from Expedition Growth Capital as part of a growth capital infusion.

Founded in 2015, Kontent is a modular content platform that enables marketers and developers to plan, create, and deliver experiences that look and feel great on any channel.

The platform is designed for how teams work as the authoring experience allows for easy content production, real-time collaboration, and approvals.

With hubs in New York, Amsterdam, London, Sydney, and Brno, the company’s globally distributed team helps companies unify and govern their content operations to unlock the full potential of content and connect with customers at scale.

The company’s services power more than 2,000 websites, apps, and e-commerce experiences across customers, including Zurich Insurance, Algolia, and Oxford University, among others.

Kontent plans to use the latest proceeds towards expanding the company’s marketing and sales teams, opening a new office in New York, and supporting product development.

Around the Web 🌐

CryptoPunks Ethereum NFT Sells for $2.6 Million: A rare CryptoPunk non-fungible token (NFT) sold for 2,500 Ether (roughly $2.6 million), the latest major sale in the collection’s recent resurgence amid the so-called crypto winter. The $2.6 million transaction makes the sale of CryptoPunk 4464 (one of just 24 ape-themed CryptoPunks), the largest NFT sale of the last 30 days across the entire market.


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