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.