Netflix to double investment in France, produce more local shows

(Reuters) – U.S. video streaming company Netflix Inc (NFLX.O) plans to double its investment in France and produce 14 local shows, twice as many as first planned, Chief Executive Officer Reed Hastings said on Friday.

FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson

Hastings did not disclose how much Netflix would invest, though it would be “many millions of euros”, he told French radio station BFM Business.

Netflix plans to set up an office in Paris, the CEO told French business newspaper Les Echos in a separate report.

The number of Netflix subscribers has expanded quickly in France and now stands “in the region” of 3.5 million, Les Echos said.

Netflix has clashed in the past with French authorities over local regulations that force broadcasters to pay taxes to finance locally made movies and series.

Separately on Friday, Netflix said here it was on track to exceed an investment of C$500 million ($385 million) in Canada over the next five years.

The Los Gatos, California-based firm has been seeing a rise in popularity in international markets.

At least three Wall Street analysts have in recent months indicated that user interest in Netflix is growing, especially in overseas markets such as the United Kingdom and India.

($1 = 1.2973 Canadian dollars)

Reporting by Inti Landauro and Vibhuti Sharma in Bengaluru; Editing by Leigh Thomas and Sai Sachin Ravikumar

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