Netflix to Expand in Asian
September 09 2015 - 9:20AM
Dow Jones News
Netflix Inc. said it would expand into four additional Asian
markets, following its entry plans into Japan earlier this
month.
The video-streaming service said in a statement it would move
into South Korea, Singapore, Hong Kong and Taiwan by early
2016.
"The combination of increasing Internet speeds and ubiquity of
connected devices provides consumers with the anytime, anywhere
ability to enjoy their favorite TV shows and movies on the Netflix
service," said Reed Hastings, chief executive of Netflix. "These
four markets well represent those trends."
According to information technology consulting firm Akamai
Technologies, South Korea, Hong Kong and Japan have some of the
fastest Internet speeds in the world.
Netflix's moves in Asia are part of its global rollout, which it
plans to complete by the end of next year. The service was slated
for an early September launch in Japan, where Internet-connected
users would be able to sign up at SoftBank Group Corp.'s retail
shops, major electronics retailers, and through the Japanese
company's website and call centers.
Netflix has over 65 million members in over 50 countries. It
plans further expansion and has borrowed $1 billion to finance the
rollout.
The company's ambitions to enter the key Chinese market face
stiff competition, however, following the announcement that
e-commerce giant Alibaba Group Holding Ltd. would partner with
state-run companies to expand its video-streaming service.
This was the latest in Alibaba's efforts to build an ecosystem
of TV and film content, which already includes a movie-ticketing
website, a crowdfunding film product and the film studio Alibaba
Pictures. The company also owns an 18.5% stake in Youku Tudou Inc.,
one of China's biggest video-streaming companies.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 09, 2015 09:05 ET (13:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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