Netflix is all set to expand its footprint in Europe with 6 new market additions – Germany, Austria, Switzerland, France, Belgium and Luxembourg, by the end of 2014.
The company officially announced that its online movie and TV subscription service will be launched in the new markets, marking its biggest expansion in almost three years.
Netflix tweeted on Wednesday: “It’s official! We’ll launch in Germany, Austria, Switzerland, France, Belgium and Luxembourg later this year.”
With the new markets, Netflix will be extending its reach into nearly 46 countries worldwide. The company reported 35.7 million US subscribers and 12.7 million customers from the rest of the world, as of March, with long-term goals of 60 million to 90 million US subscribers and more than 100 million internationally.
Details are still scarce as the company is yet to reveal the exact launch date and cost of the service in the new markets. Just weeks ago, the company hiked its subscription prices for new customers after 2 years by $1 per month worldwide, taking the total to $9 per month for unlimited video streaming in the US.
Earlier this year, Netflix revealed plans for a substantial expansion in Europe. Netflix noted in a letter to the shareholders that its current international operations are on track to become profitable this year, but the costs of expansion will keep the unit at a loss.
The overseas push, since the first venture outside the US, has amassed international losses exceeding $800 million, even while reporting growth of more than 76 percent just in the most recent quarter.