🍿 Netflix's ad flop

…and USPS goes electric [Disclosures](   Click (Chesnot/Getty Images)   Yesterday’s Market Moves   Dow Jones 32,850 (+0.28%) S&P 500 3,821 (+0.10%) Nasdaq 10,547 (+0.01%) Bitcoin $16,895 (+2.77%) Dow Jones 32,850 (+0.28%) S&P 500 3,821 (+0.10%) Nasdaq 10,547 (+0.01%) Bitcoin $16,895 (+2.77%) Hey Snackers, The bots are coming… to save you $$. DoNotPay (think: a "robot lawyer" app) [launched]( an AI-chatbot feature that could help users negotiate lower bills and cancel subscriptions — no annoying hold music required. Stocks ticked up slightly yesterday to break a four-day losing streak. Meanwhile, the Bank of Japan surprised investors by saying it would gently ease away from its super-relaxed monetary policy. Pause Netflix's ad-supported plan arrived with a thud as streamers battle inflation and subscription fatigue Skipping the intro… and the ads along with it. [Netflix's]( new advertising-supported tier, launched early last month, accounted for only 9% of November sign-ups, according to [estimates](. The $7-a-month plan represents the Flix's bid to diversify revenue and pull in more subscribers with a less expensive offering. It came toward the end of a roller-coaster year for the streamer, which included subscriber losses and layoffs. Now, some early results are in: - Press save: 43% of new ad-tier subscribers downgraded from an existing Netflix plan. - Cord and cost cutting: The other 57% of sign-ups were a combo of brand-new subscribers and people rejoining after previously canceling subs. Binge-watching… your fave 30-second commercials. Netflix isn't the only streamer to offer an ad-supported tier, but it is arriving late to the party. As of last month, more than 20% of rival HBO Max's subscribers were estimated to be on its ad plan (which launched mid last year). That # is 57% for Hulu subscribers, and 90% for Peacock. Still, Netflix has lots of room to grow: it boasts 223M subscribers (as of September) vs. HBO Max owner [Warner Bros. Discovery's]( 95M — both of which dwarf Peacock's 18M. THE TAKEAWAY Ads are a vital tool in streamers' arsenals… if they can figure out how to wield them. Companies like Netflix are battling pervasive subscription fatigue and inflation headwinds (picture: higher prices squeezing customers' entertainment budgets). Ad-supported tiers represent a way both to woo on-the-fence viewers and to retain those looking for the exits. But as Netflix's early #s suggest, they can cut both ways: cheaper options might cannibalize existing premium customers. Meanwhile, the Flix said it's "very early days" for its ad-supported plan, suggesting the ad-based streaming surge is only just beginning. What else we're Snackin' - [Charge]( The CFPB ordered [Wells Fargo]( to pay $3.7B because of banking practices that harmed 16M+ customer accounts over 10+ years. At issue: wrongful overdraft fees and illegally seized homes and cars. - [Deliver]( USPS is buying 66K electric vehicles to build one of the largest EV fleets in the nation. The postal service is expected to spend $9B+ to hit its EV goal, with $3B coming from the Inflation Reduction Act. - [Stick]( Post-it maker [3M]( said it will stop using controversial PFAS (aka “forever chemicals”) by 2025. FYI: PFAS are in everything from cellphones to cookware, and have been linked to cancer and heart problems. - [Follow]( [Twitter]( rival Mastodon has gained more than 2M users since October — bringing its total to 2.5M. Meanwhile, Elon Musk is said to be [hunting]( for someone to replace him as Twitter's CEO. - [Bite]( [General Mills]( beat sales expectations in its latest reported quarter, as shoppers splurged on name-brand cereal. But the stock fell more than 4% as investors looked at flat sales growth for its pet-food line. 🍪 Thanks for Snacking with us! Want to share the Snacks? 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