INTERNET TV service provider iflix said it received $45 million in a new round of funding from European entertainment firm Sky Plc and Indonesian company Emtek Group for its expansion plans.
The funding will be utilized for expansion into new markets and to boost growth in Malaysia, Thailand and the Philippines as iflix battles with US-based global streaming TV service Netflix for market share in the region.
“In response to both the rapid growth and customer adoption in our existing markets and strong demand from new markets, we have decided to accelerate our expansion plans for the business sooner than expected. The investment will support our continuing commitment to providing our members with the best in entertainment,” iflix’s CEO Mark Britt said.
“iflix has quickly established itself as Southeast Asia’s most exciting and fastest-growing streaming TV service. There are lots of opportunities for Sky and iflix to work together and share expertise as both companies continue to expand,” said Andrew Griffith, Sky’s CEO.
iflix will soon roll out in additional key markets in Asia in a few months. It is currently available in Malaysia, Thailand and Philippines, with reportedly 1 million members in the three countries combined.
iflix subscriptions allow users to access the service on up to five devices, including phones, laptops, tablets, and television sets, for viewing wherever, whenever. Subscribers can also download TV shows and movies from iflix’s extensive library for offline viewing.