Netflix is well on its way to becoming the second biggest media company behind Disney in the global market, recent analysis by British financial services company Barclays suggested.

"In our opinion, in the next three to five years Netflix is likely to become the second biggest media company by revenue (ignoring studios and theme parks), next only to Disney," Barclays analyst Kannan Venkateshwar wrote Thursday.

Barclays recommends investors consider Netflix shares, based on predictions of continued subscriber growth.

Venkateshwar said the company predicts Netflix's annual sales will grow 27 percent through the end of 2019, with Netflix shares reaching $245, up 15 percent from Wednesday's close.

"Netflix bull case at the core is relatively simple – if subscriber growth is faster than content cost growth over time, it could become one of the most successful media companies. We believe this is possible," Venkateshwar wrote.

The media streaming giant's recent subscriber uptick has been boosted by a steady turnout of original series, movies and other titles, he added.

"Our view is supported by Netflix's global footprint and access to ~550mm broadband subs, demonstrated pricing power, growing content library, changing mix toward local content, and its increasing 'stickiness' due to multiple seasons of established originals."

Netflix has about 5,800 titles available for streaming for subscribers, with $10-12 billion invested on content in the coming year, according to the Barclays analyst.