CES 2016: Netflix share price jumps on expansion to 130 new countries, including India, Singapore and Saudi Arabia – but not China
Netflix chief executive Reed Hastings had a big announcement up his sleeve for his keynote speech at the Consumer Electronics Show (CES): Netflix is going live in 130 new countries, tripling the streaming giant’s distribution in one fell swoop.
The expansion makes Netflix really global, as new countries include India, Saudi Arabia, Turkey, Vietnam, Indonesia and Singapore. Only one market is notoriously absent from the list: China.
“Today you are witnessing the birth of a new global Internet TV network,” Hastings said to the CES audience.
Consumers around the world — from Singapore to St. Petersburg, from San Francisco to Sao Paulo — will be able to enjoy TV shows and movies simultaneously — no more waiting.
Netflix shares soared six per cent after the news broke.
The stock, one of the four booming so-called FANG tech stocks – Facebook, Amazon, Netflix and Google, has risen nearly 150 per cent over the past year.