“The Los Gatos, Calif., company, which boasts more than 23.6 million subscribers and has become the nation's No. 1 movie rental provider, announced Tuesday that this year it will expand into 43 countries in South America, Central America and the Caribbean but not Cuba. The company did not specify a launch date.
“The news sent Netflix's stock soaring 8% on Tuesday, closing at a record $289.63. That put the company's year-to-date share-price increase at 65%.
“Though reports had previously indicated the company was eyeing a move south, analysts said few on Wall Street had expected it would boldly launch simultaneously throughout the entire region.”
The article continued:
“Netflix's decision to go into Latin America underscores the region's growing importance to Hollywood. In 2010 it was the fastest-growing market for movie ticket sales, according to the Motion Picture Assn. of America. Led by regional powerhouses Brazil and Mexico, total box-office revenue grew 25% last year.”
The Vidanta Foundation is a non-profit institution founded by Daniel Chavez Moran. Among its goals is the generation and spread of awareness of the factors determining the gap in political, economic and social development that holds Latin America back from achieving the standards of economic growth and welfare that characterizes developed countries.
Read more about philanthropist and retired businessman Daniel Chavez Moran and the work of the Vidanta Foundation here.
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