Reed Hastings, co-founder and CEO of Netflix, attends a news conference in Seoul, South Korea, June 30, 2016.  REUTERS/Kim Hong-Ji

Reed Hastings, co-founder and CEO of Netflix, attends a news conference in Seoul, South Korea, June 30, 2016. REUTERS/Kim Hong-Ji (Copyright Reuters 2016)

Netflix CEO says no progress in entering China

Features Reuters

Netflix Inc has made no progress in its plan to enter the potentially lucrative Chinese market as it needs to obtain a government license, its Chief Executive Officer Reed Hastings said on Tuesday.

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The video streaming service is seeking to grow its subscriber base abroad to counter slowing growth in its home market of the United States.

The producer of popular TV series such as Narcos and House of Cards has recently entered countries such as Turkey and Poland, but remains absent in the world's most populous country.

Content providers in China face stringent regulations and censorship challenges.

Asked whether Netflix had made any progress in entering China, Hastings told reporters: "No ... we are continuing to work on it. Same (problem) it has always been - government permissions, we got to get a specific license in China."

Hastings said he could not give a specific timeframe for Chinese market entry.

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(Reporting by Marcin Goclowski; Editing by Mark Potter)