Netflix eyes Euro expansion

Netflix streaming and DVD mailing service has reached 44m subscribers worldwide and expects to grow that number to 48m by the end of the quarter.

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Discussing fourth quarter 2013 earnings with analysts via video link, CEO Reed Hastings said the international subscriber base was up to 10.93m, with a further 1.6m projected to sign up in this first quarter 2014.

Hastings said in a letter to shareholders that the company will implement a “substantial” European expansion, however he did not elaborate on which territories and the timeline.

US membership stands at approximately 33.42m after 2.3m new members signed up and is projected to reach 35.67 by the end of the first quarter 2014.

Revenue climbed 24% to $1.18bn compared to $975m a year earlier, while profits reached $48.4m compared to $7.9m for the same period in 2012.