Netflix (NFLX) said Tuesday that its ad tier, now two years old, has reached 70 million global monthly active users — a significant jump from the 40 million users the company revealed at its second Upfront presentation in May.

The ad plan now accounts for over 50% of all Netflix sign-ups in markets where it's offered.

"There has been continuous momentum over the last two years, but we’re just getting started and can’t wait to see what’s to come," Amy Reinhard, president of advertising at Netflix, said in a blog post.

Reinhard noted that recent shows like "Nobody Wants This," "The Diplomat," "Monsters: The Erik and Lyle Menendez Story" along with live streaming events like the upcoming Jake Paul vs. Mike Tyson fight have been "driving even more fandom and conversation — which our advertisers love."

To note: Monthly active users, otherwise known as MAUs, are not the same as paying subscribers. The company has yet to reveal actual subscriber figures for the ad tier, or how much revenue it's generated so far. MAUs can include multiple people using the same account.

The update comes after the streaming platform beat Wall Street expectations across every major financial metric in its third quarter results on Oct. 17, with shares surging to all-time highs.

The stock is up more than 60% since the start of the year, and many analysts are calling Netflix the winner of the hard-fought streaming wars.

Still, Netflix recently revealed year-over-year engagement levels came in roughly flat — a potential headwind when it comes to the company's ability to raise prices and boost growth. And some analysts are concerned the company's valuation is high.

"With much of the subscriber growth seemingly representing improved monetization of an existing (and not growing) user base, we question whether the momentum can continue into next year," MoffettNathanson analyst Robert Fishman wrote in a recent note to clients.

"Netflix’s stock is massively expensive for a company whose own guidance implies a revenue deceleration into 2025." Last month, Netflix said its revenue growth is expected to slow from an expected 15% this year to between 11% to 13% in 2025.

In addition to its ad tier update, the company also revealed it's sold out of all available in-game inventory for its two NFL live Christmas Day games and has partnered with multiple advertisers including Verizon (VZ), Flutter (FLUT)'s FanDuel, among others.

FanDuel is set to be the exclusive pregame sportsbook betting partner for the games, the company revealed. All partners will run traditional ad commercials throughout the live event.