Netflix recently launched ad-supported tier has gained nearly 5 million global monthly active users, a company executive said on Wednesday at a presentation to advertisers. However, this may not be the exact number, as multiple users could share the same Netflix account.

This comes after a Wall Street Journal report disclosed that the company plans to slash its spending by $300 million in 2023.Former CEO of Yahoo Marissa Mayer recently commented that Yahoo should have bought Netflix or Hulu and not Tumblr in 2013.

Earlier in March, a Bloomberg report revealed that one million accounts signed up for Netflix’s ad-supported plan. The streaming platform launched a $6.99 per-month ad-supported tier in November in 12 markets.

The platform has minted a total of 232.5 million global subscribers, according to a TechCrunch report. The company said that its ad subscriber base has “more than doubled” since early this year.

The company further presented that 80 per cent of viewing is happening on TV screens and 25 per cent of new signups opt for ad-supported plans in select countries. It noted that the median age for its ad-supported viewers is 34.

The streaming platform upgraded its $6.99 plan, expanding support to higher video quality (1080p resolution), and providing support for two concurrent streams.