Netflix hits 1m UK subscribers

Movie streaming service Netflix has hit 1m subscribers in the UK seven months after launching in the region, suggesting that it is successfully migrating its success in the US to new markets. Although it is not clear what percentage of these are paying, the milestone indicates that the firm will be competing more closely with the likes of Amazon’s LoveFilm and cable firm BSkyB as demand for online video services continues to grow. The firm says that it hit the 1m mark four times faster than Twitter did worldwide and twice as fast as it took Facebook and Foursquare. The firm oew has more than 27m subscribers globally and recently streamed more than 1bn hours of movies and TV programmes to its US subscribers in the space of a month, indicating that it poses a growing threat to traditional cable firms and rival services.