Looks like Netflix Inc. will not be able to enter the Chinese market anytime soon.
Netflix CEO said at an event in New York that the likelihood of the streaming giant entering the Chinese market "doesn't look good," Bloomberg News reported Oct. 7. Reed Hastings pointed out how the movie services of Walt Disney Co. and Apple Inc. were shut down in China even as they were "very good" in the country. "We're focused on the rest of the world," Hastings added.
Earlier this year, Apple shut down its iBooks Store and iTunes Movies services in China following an order by the State Administration of Press, Publication, Radio, Film and Television, while Chinese regulators also demanded a shutdown of over-the-top service DisneyLife.
The statement comes after Ted Sarandos, Netflix's chief content officer, said in June that the company remains interested in China, since it seemed to be a "great opportunity."
On opposition to the company's movie deal with luxury theater chain iPic Entertainment, Hastings said theater chains are hurting the movie business by not trying different ways of releasing movies.