Netflix is planning to enter four more markets in Asia. (Photo : Reuters)
Following announcement to enter the Japanese market early this month, Netflix Inc. has declared its intention to expand into South Korea, Singapore, Hong Kong and Taiwan.
The video-streaming service provider said in a statement that it plans to enter the four Asian markets 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 Netflix Chief Executive Reed Hastings. "These four markets well represent those trends."
According to Akamai Technologies, an information technology consulting firm, South Korea, Hong Kong and Japan have among the fastest Internet speeds in the world.
Netflix moving into new Asian markets is part of a global rollout by the company that it plans to complete before the end of next year.
The streaming service was set to launch in Japan early September, where Internet users could sign up with SoftBank Group Corp. through its retail shops, major electronics stores, and its websites and call centers.
At present, Netflix has more than 65 million members in over 50 countries. The company has borrowed $1 billion to finance further expansion plans.
The company has ambitions to enter the Chinese market, but faces stiff competition with Alibaba Group Holding Ltd.
Alibaba seeks to create an ecosystem of film and TV content, which includes a crowdfunding film product, a movie-ticketing website and Alibaba Pictures, its film studio.
Alibaba also owns 18.5 percent of Youku Tudou Inc., one of the largest video-streaming companies in China.
