The continuing growth of Netflix will see the online streaming service’s global subscription base hit 69.9 million by the end of the year according to the latest industry forecasts.
Digital TV Research’s Global OTT TV & Video Forecasts report estimates that Netflix will have grown its subscriber base by 9.58 million - 28 per cent - over last year’s figures.
The figures show the success of the California-based company's international expansion which will have increased this year by 57 per cent taking it to 26.36 million.
Unsurprisingly the majority of its revenue will be generated from the US which is expected to have 43.54 million subscribers by the end of the year. This is closely followed by the UK with an estimated 4.942 million subscribers, four times more than Germany or France.
The growth into new markets, which will see Netflix available in over 200 countries by the end of 2016, is part of an expansion campaign that will also help the company tackle mounting competition from HBO and CBS’s similar online streaming services.
An increase in other subscription video on demand (SVOD) services is also covered in the report with Netflix credited as the driving force behind the industry’s success.
Simon Murray, principal analyst at Digital TV Research, said the launch of Netflix boosted each market because “the anticipation of its launch has galvanized local players into action - creating a whirlwind of promotional activity.”
By 2020 global SVOD revenues will have soared from $1bn in 2010 to $21.6bn in 2020 while in the US a 765 per cent increase over that period will see $6.516m generated.
The international expansion of the company will be helped by the upcoming change to the structure of Netflix’s stock designed to make it more accessible to a wider range of investors.