Netflix Inc (NFLX) on Wednesday confirmed plans to expand its online movie and TV subscription service in six more European countries including France and Germany. The company, which is already available in 40 countries and has 48 million subscribers worldwide, did not reveal a release date or subscription details for what it called its significant expansion into Europe. It only said that its service will be available to more customers in the region in late 2014, for a low monthly price.
“Upon launch, broadband users in these countries can subscribe to Netflix and instantly watch a curated selection of Hollywood, local and global TV series and movies, including critically-acclaimed Netflix original series, whenever and wherever they like on TVs, tablets, phones, game consoles and computers,” Netflix said in a statement.
The internet video service currently charges European subscribers in U.K., Ireland, Denmark, Finland, Norway, Sweden and the Netherlands the equivalent of about $10 a month. Executives predict Netflix will add 1.46 million new streaming subscribers this quarter, including 940,000 internationally.
The overseas push however, continues to bring more red ink for Netflix’s international operation. According to AP, the Los-Gatos, Calif.-based company “has amassed international losses exceeding $800 million since it ventured outside the U.S. for the first time in 2010.”
Netflix shares are up around $9 today, trading at $380 and change as of 11:42AM EDT.
Leave a Reply