Netflix gains a competitor in Argentina

Netflix's expansion into Latin America was greeted with a fair bit of fanfare.

But by no means is the online streaming service the only player in its new market.

Telecom Argentina recently launched a streaming service called ArnetPlay that gives subscribers access to 2,500 movies, TV shows and adult films for $11.90 per month, reported Home Media Magazine.

The company is spending $120 million on the project.

It joins other telecommunication companies in the race to compete with Netflix for the online audience.

European telecom giant Telefonica this year launched a streaming service called OnVideo.

The Walt Disney Company Latin America said last month it would offer content to NetMovies, an upstart streaming platform in Brazil.

With the number of internet users still growing rapidly in Latin America, it's seen as a prime market for the online TV and movie business, especially since many residents don't currently have pay or satellite TV.

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