Netflix Reaches 5 Million Latin America Subscribers, Analysts Say

Netflix reached 5 million subscribers in Latin America, MoffettNathanson analysts said. It took 36 months to reach about 9 percent penetration of the broadband population, they said Wednesday in a research note. Despite the higher level of penetration, that market was "spooked" by the low number of Q3 international subscribers and Q4 guidance, they said. Netflix previously said Latin America has been the slowest region to penetrate due to several issues specific to the region, including lower broadband Internet penetration, the analysts said. Netflix's difficulties could come from their most recent market entrances, like Germany, they said. "As Netflix expands into Australia, we see similarities to the German market as competition in Australia is already in place before its March launch."