For the past two years, people have been declaring the death of traditional pay TV at the hands of digital streaming companies such as Netflix. But in spite of exclusively showing smash hits such as "House of Cards," that moment has not yet arrived in the U.S. So what about Europe?

Netflix has continued to push aggressively into Europe in 2014 in its bid to beat pay TV giants such as Sky and Liberty Global, but analysts aren't convinced that without a attractive "bundle" of broadband, TV and phone, this is unlikely to happen any time soon.

"I think there was hype in there about Netflix's ability to destroy pay TV," Richard Broughton, head of broadband media at IHS, told CNBC by phone.

A Netflix spokesperson said analysts had got the wrong idea about Netflix, adding that it was not aiming to wipe out traditional pay TV players.

"Available to watch on Netflix are increasingly exclusive titles that you can't watch anywhere else. ... We're complementary to other services, not a replacement," a spokesperson told CNBC by email.

"Just as traditional channels, we compete and differentiate through our content, offering titles people want to watch and offering those only on Netflix."