SUBSCRIPTION video-on-demand service provider iflix has secured $90 million in fresh funding from new and existing investors to support its international expansion in Asia, Africa and the Middle East.
The new round of investments came from Liberty Global Plc., Zain, Sky Plc., Catcha Group and Evolution Media, iflix Cofounder and Group CEO Mark Britt said.
“We are incredibly excited with the demand we are seeing for iflix in the Middle East and Africa, as well as other new markets in Asia and worldwide. The new funds will enable us to seize this immense opportunity and continue empower local consumers and provide them with the best content and services available, and the freedom to enjoy that offering whenever and wherever they want, wherever they are in the world,” he added.
He said his group’s goal is to make iflix available to 2.5 billion people in emerging markets all over the world.
“There are currently more than 2.5 billion people with smartphones in emerging markets who have a passion for cultural influences from around the globe and want access to the best entertainment content available easily and reliably. It is our aim to make iflix available to each and every one of them,” Britt said. “Having exceptional partners, Liberty Global, Zain, Sky Plc., Evolution Media and Catcha Group who share our vision, will be fundamental to our success as we expand our footprint in Asia and roll out the service in the Middle East and Africa.”
In less than two years since launching the service, the group has established the leading online entertainment brand in Asia, and is seeing exceptional demand for the service throughout the Middle East and Africa.
“With an estimated 880 million connected mobile devices in Africa and the Middle East by 2020, the opportunity in the regions is immense. At Catcha Group, we are thrilled to be a part of iflix’s exciting journey, and to continue supporting the company in its quest to redefine entertainment for the more than 1 billion people in emerging markets around the world,” Catcha Group Cofounder and Group CEO Patrick Grove said.
Since going live in May 2015, iflix has rapidly established a significant leadership position, setting a new standard for delivering a world-class streaming entertainment service that is passionately focused on the local customer.
The service has seen exceptional growth since launch, with more than 27 times daily active accounts growth, and continued momentum in user engagement with over 5 billion minutes streamed since launch.
With more than 170 content relationships across Hollywood, regional and local studios and distributors, iflix offers users the broadest and most comprehensive selection of content available.
The company continues to redefine how consumers enjoy entertainment content, with groundbreaking features and continuous platform innovation, deepening the appeal for iflix users and positioning the company well for continued leadership and growth as it expands to new markets globally.
PLDT Inc. has invested $15 million (P755.68 million) in iflix.