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Suscribers reach 50m

Netflix has hit a landmark, attracting more than 50 million subscribers worldwide.

The firm's quarterly profits more than doubled in the three months to June, boosted by strong growth worldwide.

Despite a price increase for its most popular US video streaming plan, it added 570,000 US customers and 1.12 million globally, passing the 50 million mark for the first time.

The company's shares rose nearly 1pc when trading opened.

Netflix executives have said they were contemplating an eventual move into China, the world's most populous country.