Canada’s Netflix streaming platform gets $2 billion in investment from Chinese investors

Canada’s streaming video service Netflix is getting an infusion of new cash as the online video company prepares to launch a new product to compete with Amazon Prime Video in Canada.

The company, which had previously relied on investments from Canadian technology investors, announced Tuesday that it has secured a $2.3-billion, 10-year investment from the Alibaba Group to help accelerate its growth in Canada, which has the largest number of subscribers in the world.

The new investment will help Netflix grow its video content in Canada to more than 250 million subscribers by 2020, which is more than twice as many as in the U.S. It also will help the company expand its reach in the rest of the world, said the company.

Alibaba Group has a stake in Netflix that currently sits at 4.3 per cent.

The announcement comes just two weeks after Netflix said it has surpassed 100 million Canadian subscribers.

The investment will be used to further expand its international footprint, Netflix said in a news release.

The company will focus on building out its business and customer base in emerging markets.

Netflix is the largest Canadian video service and is the biggest video streaming service in the United States, with a subscriber base of more than 1.2 billion.

Its new deal with Alibaba is one of the biggest investment in Canadian video streaming since the country’s first streaming video provider, Viacom, bought a stake last year.

Netflix’s Canadian business has been steadily growing over the past few years, with the company currently growing to more $3.2-billion in revenue, up from about $1.4-billion at the end of 2015.

In addition to investing in Canadian content, Netflix has also invested in new streaming services in India, South Korea, Brazil and Russia.

The $2-million investment from Alibaba is the latest in a string of investments the company has made in its business.

Netflix said the deal is a milestone in the company’s evolution as a streaming video platform and will help it expand its service to more countries around the world in the future.

“Netflix is committed to growing in Canada as a company and has been a strong partner to local businesses and communities, as well as to the Canadian public,” the company said in the news release announcing the investment.

“We look forward to working with our partners in Canada and with all Canadians as we continue to build on this success.”