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Netflix launches service in Cuba

Article By: ,  Financial Analyst
February 10, 2015 10:26 AM

Online video streaming service Netflix has announced a landmark deal as it expands into Cuba.

The company is now offering its service to consumers in Cuba as relationships between the country and the US continue to thaw. A trade embargo has been in place between the two since 1962, but as tensions ease firms are starting to branch out to Cuba.

Netflix confirmed that anyone with international payment cards will have access to the online streaming service. They will be able to enjoy original programmes such as House of Cards, Orange is the New Black and Netflix's latest offering Better Call Saul, the prequel to the huge AMC hit Breaking Bad.

Reed Hastings, founder and chief executive officer of Netflix, said in a statement: "We are delighted to finally be able to offer Netflix to the people of Cuba, connecting them with stories they will love from all over the world.

"Cuba has great filmmakers and a robust arts culture and one day we hope to be able to bring their work to our global audience of over 57 million members."

In January, Netflix announced a sizeable boost in shares growing over 12 per cent. It came after the company announced that it had made $83 million (£55 million) in net income in the three-month period to December 2014, up from the $48 million made 12 months earlier.

US-Cuba relations

Netflix's expansion has been made possible thanks to the US announcing new rules to ease long-running sanctions against Cuba. The online streaming service company's move could pave the way for other major firms to follow suite. Credit card firms MasterCard and American Express have confirmed they will also be launching operations in Cuba in the near future.

Once rolled out, Cuban users will be able to access Netflix at just $7.99 a month.

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