Netflix Inc. (NASDAQ: NFLX), the world’s leading Internet entertainment service, and Telefónica (NYSE: TEF:US), one of the largest providers of integrated telecommunications services in Europe and Latin America, announced a global partnership to integrate Netflix’s service into Telefónica’s TV and video platforms in these two regions.

“This agreement is a big step forward in Telefónica’s bet on open innovation and collaboration with leading companies around the world”, said José María Álvarez-Pallete, Executive Chairman of Telefónica. “We want to offer our customers the most compelling video offering possible, whether it’s our own content or third party providers. The partnership with Netflix will significantly enhance our existing multichannel video platforms.” 

“Over the next several years, our partnership with Telefónica will benefit millions of consumers who will be able to easily access their favorite Netflix shows, documentaries, stand-ups, kids content and movies across a range of Telefonica platforms", said Reed Hastings, Netflix co-founder and Chief Executive Officer. "Making Netflix available on Telefónica’s familiar, easy-to-use TV and video platforms enables consumers to watch all the content they love in one place.”

The global partnership was announced through a video shared on twitter by José María Álvarez-Pallete and Reed Hastings.

Each country will communicate the commercial details as and when they are available in their markets. First launches in Latin America will be announced in the next few weeks (more information here). Launch in Spain planned for the end of 2018.