Netflix will expand its streaming video service into Spain starting January 2012, according to a report by ScreenDaily.

The news lines up with earlier reports that the streaming video company would expand its reach into Europe, which came after the company announced plans to enter Latin American markets. Netflix currently only offers its streaming video service in the U.S. and Canada.

The news was confirmed by president of the local producers association (FAPAE) Pedro Perez, who claims that Netflix contacted several film studios in reference to the launch.

“Netflix has already broken into the U.S. market gaining 26 million subscribers so far, and they expect to have 30 million before the end of the year who are paying between 8 and 10 dollars a month,” says Perez in the report.