Netflix to launch streaming service in Britain, Ireland

U.S. DVD-rental and Internet streaming service Netflix announced on Monday that it will expand to Britain and Ireland early next year, offering subscribed streaming service of TV shows and movies. In a statement, the company said that subscribers from the two countries will be able to watch a wide array of TV shows and movies via a range of devices, such as TV, computers, mobile tablets and smartphones. Further details about the service will be announced close to launch. The expansion will make the Los Altos, California-based company to take on Amazon's LoveFilm in Europe, which is considered Netflix's European equivalent. In January, this year, Amazon announced to acquire LoveFilm, a Britain-based provider of home video, video game rental and streaming in Britain, Germany, Denmark, Sweden and Norway. Netflix currently has more than 25 million subscribed members in the United States, Canada and 43 countries in Latin America and the Caribbean. Considered one of the most successful dot-com ventures, Netflix has capitalized on the success of the DVD and the booming Internet streaming service. However, the company has been hitting a series of hurdles since July. It was battered by angry customers after announcing a price hike in July and a plan to separate the DVD rentals and streaming last month, and is expected to lose around 600,000 subscribers in the quarter. The company also failed to renew its distribution deal with satellite TV channel Starz, which means it will not get digital access to movies from Sony and Disney. Netflix is scheduled to report its third quarter earnings Monday afternoon, which are expected to show the impacts of the company's stumbles. It has lost almost two thirds of its value since the all-time highs in July. On July 13, the company's stock price has a record close of 298. 73 U.S. dollars while the shares were around 116 dollars Monday morning.