European pay-TV provider Sky announced an agreement to invest USD 45 million in Iflix, a streaming service in Southeast Asia. The deal will include the purchase of USD 2.5 million of Iflix shares from existing investors. Under the new partnership, the parties will work together to identify areas of collaboration across the high-growth emerging markets in which Iflix operates.
Currently available to consumers in Malaysia, Thailand and the Philippines, Iflix launched in May 2015 and has already signed up over 1 million members. It aims to extend its service to new ASEAN markets in the coming months. For a small monthly subscription users have unlimited access to tens of thousands of hours of content from a library of Hollywood, Asian regional and local TV shows and movies. They can watch the service on multiple connected mobile devices including tablets and smartphones.
Other investors in Iflix include the Philippines operator PLDT and Indonesian media group Surya Citra. The latest investment values the internet TV company at USD 450 million. The capital-raising also triggered a mandatory conversion of PLDT's USD 15 million investment into a 7.5 percent stake in iflix.
