In today's ExchangeWire news digest: Netflix pulls its "Basic" plan from several markets; Meta shuns news content on its social platforms; and Alibaba pours millions into Lazada.

Netflix cans “Basic” plan

Netflix’s cheapest ad-free subscription is no longer available in the UK, US, and Canada. The streaming giant’s “Basic” plan allowed customers to watch ad-free content for £6.99 or USD$6.99 (~£5.41) a month. New subscribers, however, will now have to choose between ad-supported content or a higher monthly fee. The move follows an earnings call in which Netflix announced skyrocketing subscription growth, indicating the firm’s recent crackdown on password sharing is paying off.

Meta gives news the cold shoulder

Meta is shunning news organisations, deprioritising content about current affairs on its social media platforms. The firm’s Twitter-rival, Threads, has reportedly replicated Instagram’s algorithm to prioritise creator-made content over news and politics, with Instagram chief Adam Mosseri stating it is “not going to do anything to encourage” news on the platform. This snub comes as Meta continues to butt heads with Canada’s government, which introduced legislation forcing big tech to pay publishers and broadcasters for their content.

Alibaba ups Lazada investment

Alibaba has injected an additional USD$845m (~£655m) into its Southeast Asian retail unit, Lazada. Disclosed in a regulatory filing in Singapore, this latest investment comes as the firm looks to expand its footprint overseas. Operating under Alibaba’s Global Digital Business Group, Lazada will be headed by group CEO Jiang Fan, as the e-commerce behemoth continues to restructure its business operations.

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Fact of the Day

+30 – the number of Canadian advertisers who have said they will pull ads from Meta's platforms.

Source: Financial Times

Last week's tech teasers

Friday’s tech teasers were all about the landmark ruling of SEC vs Ripple. How well do you know the case and what it could mean for crypto? Find out below:

• December 2020 – the date the SEC filed its lawsuit against Ripple 💼
• 75% – the amount XRP’s value rose on the day of the ruling 💸
• Coinbase – said it would relist XRP following the court’s decision 📝
• XLM – shot up 20% after SEC vs Ripple 🌱
• SEC vs Terraform Labs – the case lawyers are hoping Ripple’s victory could help to dismiss 🤞

Challenge yourself on ad tech, martech, media, and commerce, by signing up to The Stack, where we publish a new quiz every Friday.