In news long-awaited by movie fans (and dreaded by network execs), Netflix has announced it will officially launch in Australia and New Zealand on March 24.

Net gain

The video streaming giant revealed it will launch with three tiers of service: Basic (SD streaming to one screen), Standard ( HD simultaneous streaming to two screens) and Premium (4K streaming to four screens).

Pricing for each tier will be revealed at launch.

Slim pickings?

Netflix will debut with a more streamlined library than available to US customers, however popular series such as House of Cards will be available from March 24.

Netflix also announced it has reached deals with Optus Broadband and iiNet to offer a form of unmetered service for users.

In New Zealand, Vodafone will be offering a similar quote-free streaming model.

Reel deal

As an extra sweetener, customers who have purchased an Xbox One will receive a free three-month subscription, and gift cards will be available at retailers including Woolworths, Coles, Big W and 7-Eleven.

Stay tuned to see how disruptive Netflix might prove to local broadcasters and networks.