Netflix unlikely to enter Chinese market, according to CEO Hastings

Netflix CEO Reed Hastings has said that the television streaming service is not looking into the prospect of expanding into China, one of the only areas where it does not currently operate.

China represents a huge opportunity for those in the television industry, but so far it has proved a tough nut to crack for big hitters.

Hastings referred to both Apple and Disney as examples of companies that have tried to break into China with television but failed.

"We're focused on the rest of the world," Hastings said at the New Yorker TechFest in New York. "Disney, who is very good in China, had their movie service shut down. Apple, who is very good in China, had their movie service closed down. It doesn't look good."

Shares in Netflix fell 4.8% in early morning trading, and are down 8.1% this year on fears of a slowdown in subscriber growth.

The company has made a push in recent months to vastly increase its quantity of original programming, so as not to rely on traditional production studios.

However, with large scale regulation over the media and entertainment industries in China, life has een notoriously difficuly for Western companies attempting to branch out into the country.

Netflix has over 70 million members currently, and operates in 190 countries, with the major exceptions being China, North Korea, and Syria.