Netflix Falling after British Sky Announces Launch of Streaming Service

Shares of video/Internet streaming service company Netflix

are seeing pressure during Tuesday's trading session after British Sky Broadcasting announced an intent to launch streaming internet TV service. Sky announced plans to launch a new service allowing customers to watch some of its most popular content over the internet. Taking advantage of the rapid growth in broadband-connected devices, and building on Sky's experience in multi-platform TV, the new service will be an additional choice for people who don't currently subscribe to a pay TV service. Sky has offered television over the internet for a number of years and in 2006 became the first UK broadcaster to offer content to download over the internet. The service since evolved into Sky Go, which is accessed across millions of internet-connected devices. Currently, shares of Netflix are trading 5% lower at $119.15.