Netflix hires two top advertising executives from Snap

Netflix Inc. has lured two top Snap Inc. executives to lead its ad sales team, the company announced Tuesday, hunting down two people who lent credibility to the social media company with brand marketers.

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Netflix confirmed that it has appointed Snap’s chief business officer, Jeremy Gorman, as its new president of worldwide advertising. It also brought in Peter Naylor, Snap’s vice president of ad sales, in the same role at the streaming service.

The recruitment of these two giants signifies Netflix’s commitment to building an ad-supported version of the company’s streaming service, which is expected to launch next year.

“You have two executives who are incredibly well positioned to help Netflix grow faster,” said Lightshade Partners partner Rich Greenfield. “They have incredible relationships with brands and advertisers who want to advertise on Netflix.”

Ms. Gorman is a respected executive, having previously spent six years at Amazon.com. She arrived at Snap in 2018, at a time when the service was losing executives. His arrival was seen as bringing credibility to Snap’s ad-sales business.

Naylor served as Hulu’s senior vice president of advertising sales for six years before joining Snap in 2020. He attempted to help Snap gain more television advertising dollars.

Snap confirmed the executive departure but declined to comment further.

Netflix is ​​assembling the pieces to launch a less expensive version of its streaming service with commercials. In July, it announced a partnership with Microsoft Corp. will provide advertising technology, The new executives will bring established relationships with advertisers who advertise on Netflix.

“It sends a message that Netflix is ​​really serious about building an advertising business quickly,” Mr Greenfield said.