TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, January 11.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin, reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Investors are reacting to a hotter than expected inflation report – consumer prices rose 0.3 percent in December, pushing the annual rate to 3.4 percent. This marks an increase from the 3.1 percent rate in November and is still well above the Fed's 2 percent target. Wall Street is looking ahead to another inflation report out Friday which will reveal the change in wholesale prices.
In other news - it seems like Netflix users don't really mind having to sit through ads. The company announced its ad-supported subscription now has 23 million monthly active users - an 8 million user increase over the last two months.
For $6.99 a month - which is less than half the price of its standard plan - streamers have access to the full Netflix catalog, but must sit through 10, 20, or 60-second ads. And starting this year, users will be able to utilize Netflix's new "Binge Ad" feature. According to the company, after watching three consecutive episodes, members will be presented with a fourth episode ad-free.
Speaking at CES in Las Vegas, Netflix's President of Advertising said quote "We're very fortunate to be able to take a long-term perspective on this. Scaling our business is absolutely our biggest priority right now, but we want to make sure we're doing that in a meaningful way for the members."
Netflix launched the ad-supported tier in 2022 in 12 countries, including the U.S, U.K, Canada, and Australia.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
