Online streaming video service Netflix on Monday announced its plans to expand its service to Britain and Ireland early next year.

The move, which will put Netflix in direct competition with the likes of LoveFilm and YouTube, is going to be the Los Gatos, Calif.-based movie streaming service's second attempt after its first attempt failed seven years back.

Founded in 1997, Netflix also offers movies and TV shows on DVD via mail in the US, but there are no plans for a similar service in the Britain and Ireland.

However, Netflix didn't mention details of pricing for its upcoming service in Britain and Ireland. The company said further details for the upcoming service would be released before its launch.

Speaking on the topic, a spokesperson for the company said, "Further details about the service, including pricing, content and supported devices, will be announced closer to launch."

Netflix, which started streaming movies over the Internet in 2007, has more than 25 million subscribers around the globe. Last month, it expanded to forty-three countries in Latin America and the Caribbean.

Shares in Netflix were trading at $116.52, at a loss of 0.44 per cent, in afternoon trading on Wall Street on Monday.