Netflix confirmed big plans for expansion in the near future, propelling the company’s share prices to a record high on Tuesday.
The company confirmed that it will launch in Japan on September 2, its first foray into the Asian market.
The company is also set to launch in Spain, Italy, Iceland, and Portugal before the year’s end, and has its sights set on China for sometime next year.
Netflix wants to be in 200 countries by the end of 2016. It added Australia, Cuba, and New Zealand to the growing list earlier this year.
“It’s going to be a very exciting couple years,” CEO Reed Hastings told the Associated Press.
Netflix is still adding new subscribers in the United States--almost 1 million in the last quarter alone--and stands at almost 66 million subscribers worldwide.
Michael Morris from Guggenheim Partners says the company is on a great course, and recommends buying the stock before it rises even more.
“This is a company that expects to have its global footprint completely rolled out next year. It’s in less than 5 percent of broadband homes outside of the U.S. right now and that broadband market is currently four times bigger than the U.S. market and will continue to grow at a higher rate,” Morris told CNBC.
“I just see a big runway.”
