Netflix announced on Tuesday an ambitious new goal, to be available in over 200 countries by 2016. The media streaming service currently operates in only 50, but believe global expansion will be the only way to hit $10 billion in revenue.

Having the streaming service - which costs $8.99 per month in the U.S. - available in countries across the globe will mean more subtitles and reliance on local programmers to offer content.

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Netflix will also invest in original programming for certain countries. Marco Polo, for instance, is quite popular in China, despite Netflix having no presence in the country.

Reed Hastings spoke on the topic of China, claiming Netflix would make a smaller streaming platform with local content, some licensed programs and all of Netflix's original programs, potentially removing House of Cards due to cultural differences.

In a recent article on Netflix, users running VPN or geo-location changing tools, it claimed over 10 million users from China could be viewing Netflix, despite it not being available.

"Once we complete the expansion, we're going to have a very unique and compelling proposition to producers, which is, we can get your content seen and loved around the world," Mr. Hastings said in an interview. "In Kenya, in Argentina, in Vietnam, in the Philippines, just everywhere in the world that we can."

The investment in global expansion comes after slowed growth in the United States, Netflix's current largest market. The U.S. will continue to feature more shows than other countries, but Netflix is confident it will find enough programming for each region.

The announcement shot stocks up from $324 to $349, but it is still quite low compared to Oct. 2014, when Netflix reached $484 per share.

Tagsnetflix, Marco Polo, Netflix expansion