Iflix announces new funding

Source: iflix.

Iflix, Southeast Asia’s leading Internet TV service, offering subscribers unlimited access to tens of thousands of hours of entertainment for a low monthly price, has announced the completion of a large new round of funding, led by Sky, the European entertainment company. Indonesian company Emtek Group, through its subsidiary Surya Citra Media, one of Indonesia’s television and content companies, also participated in the round.

The funds will help accelerate the company’s growth in Malaysia, Thailand and the Philippines, and will be used for expansion into new markets on the back of strong demand for the service. As of end-2015, the service had a total of over a million subscribers, the majority of which are in the Philippines.

Iflix co-founder and Group CEO Mark Britt said: “We are thrilled to welcome Sky to the iflix family. As pioneers of the global broadcasting industry and true leaders in television and media, they share our passion for delivering market-leading content and services through innovation. We are also pleased that Sky will further their commitment by appointing a Director to the board of iflix.

"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.”

Andrew Griffith, Group Chief Financial Officer, Sky commented: “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. We are really looking forward to supporting Mark and his team deliver their ambitious plans.”

The funding has triggered telecoms and digital services provider PLDT to disclose that its US$15 million investment in iflix has been converted from convertible notes into ordinary shares of stock. Under the terms of its initial investment in iflix in April 2015, whereby PLDT subscribed for non-redeemable convertible notes, the new round of funding triggers the automatic conversion of the company’s convertible notes into ordinary shares and the termination of the convertible note agreement.

PLDT’s shares account for 7.5% of the total equity stock of iflix and have a post money valuation of US$450 million following the investment of Sky - amounting to US$45 million - and the additional investment by Surya Citra Media, PLDT said.

PLDT has partnered with iflix to offer to subscribers of its DSL and fibre-to-the-home services and to mobile subscribers of its wireless brands Smart and Sun the largest library of top US, Asian and local TV shows and films available in the region at very affordable prices.

“This new round of funding validates our investment in iflix last year. It enables the company to further strengthen its leadership position and improve its Internet TV services to the benefit of subscribers, particularly those of PLDT and Smart,” said Manuel Pangilinan, PLDT and Smart Chairman and CEO.

Now available in Malaysia, Thailand and the Philippines, iflix will continue to roll out its service to additional key Southeast Asian markets in the coming months. Iflix offers consumers the largest library of top Hollywood, Asian regional, and local TV shows and movies available in Southeast Asia. Each subscription allows users to access the service on up to five devices, and content can be viewed offline. The service is priced at RM8 per month in Malaysia for unlimited access with no ads.

Interested?

For new subscribers, iflix offers a complimentary 30-day trial with full access to its service, features and content, with no credit card or payment details required. Register

Read the TechTrade Asia blog post about iflix reaching the 1 million member mark