Netflix is looking to enter the lucrative China market, partnering with a local media company, according to a news report.
Bloomberg cites ‘people familiar with the matter’ that the video sreaming firm ss in talks with companies including the Jack Ma-backed Wasu Media Holding Company about forming a partnership in order to enter China’s $5.9bn (£3.7bn, €5.2bn) online video market.
Netflix has already had talks with BesTV New Media, an Internet broadcaster owned by state-run Shanghai Media Group, the Wall Street Journal separately reported, citing an executive at BesTV.
A spokeswoman for Netflix told Bloomberg that the company plans “to be nearly global by the end of 2016”.
“We would love to cooperate with Netflix considering its global influence,” said Xu Feng, vice president of Shanghai-based BesTV New Media Co. “But we need to take note of the obstacles, including policy restrictions on foreign online content.”