Iflix secures US $ 90+mn in new funds to accelerate global expansion
iflix, the world’s leading subscription video on demand (SVOD) service for emerging markets, announced it has closed a new round of funding in excess of US $ 90 million to support its further international expansion.
The financing includes new investors – Liberty Global PLC, a major distributor of TV entertainment, sports and other programming, Zain, a leading mobile and data services operator in the Middle East and Africa with whom iflix recently established a joint venture ‘iflix Arabia’ in the MENA region, and a privately held investment management firm that invests in consumer businesses across Africa.
Additional capital also came from the existing shareholders Sky PLC, Catcha Group and Los Angeles-based Evolution Media, an investment company that partners with entertainment, lifestyle, media, sports and technology businesses.
iflix Co-founder 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.”
“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. 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,” Britt added.
Sky PLC Group Chief Operating Officer Andrew Griffith said, “iflix is a truly innovative partner. In the last year since Sky joined as a shareholder, we have seen the company surpass its milestones, including consolidating its leading market position in South East Asia and expanding its footprint into new regions. We are pleased to continue our support, as iflix moves on to the next stage of growth, making its world-class service available to millions of consumers in MENA and Africa.”
Liberty Global Chief Programming Officer Bruce Mann said, “Investing in an innovative emerging business like iflix enables us to gain an even greater insight into subscription video on demand services, as we continue to develop our own evolving video entertainment propositions for millions of our customers throughout Europe, Latin America and the Caribbean.”
Catcha Group Co-founder and Group CEO Patrick Grove commented, “When we founded iflix, we set out to create an entertainment revolution. In less than two years since launching our service, we have established the leading online entertainment brand in Asia and are seeing exceptional demand for the service throughout MENA 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 one billion people in emerging markets around the world.
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 27x daily active accounts growth and continued momentum in user engagement with over five 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.
Now available in nine markets across Southeast Asia, iflix recently launched its service in Pakistan and Vietnam and additionally announced its joint venture, iflix Arabia, with Zain, to make its world-class service available in the MENA region. Offering consumers a vast library of top Hollywood, Asian regional and local TV shows and movies including many first-run exclusives and award-winning programmes, each subscription allows users to access the service on up to five devices, including phones, laptops, tablets and television sets, for viewing wherever, whenever. iflix subscribers can also download TV shows and movies from iflix’s extensive catalogue for offline viewing.