Netflix Moves Down Under

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In a recent announcement, Netflix confirmed rumors that it plans to launch its television internet service in New Zealand and Australia. By March, consumers will have access to the globally popular video streaming service.

Cliff Edwards, director of communications and technology at Netflix said the company aims to get at least 10 percent of households with broadband to subscribe. However, he did not give a timeframe for that goal to be achieved.

In New Zealand alone, Netflix will be competing with local services such as Sky TV and Quickflix. Within an hour of the announcement, Sky TV shares dropped 9 cents to $6.40. CEO John Fellet said it took all competitors seriously “especially global ones”.

Netflix has yet to mention how much the service will cost. The current U.S. rate of $8.99 would be equivalent to NZ$11.40.