Asian OTT Service Secures Financing

KUALA LUMPUR: The Southeast Asian internet TV service iflix has completed a $30 million financing round led by investment firm Catcha Group and Filipino telco PLDT.

The financing will be used to expand the internet-delivered SVOD service across Southeast Asia, invest in acquired and original content and market the platform to consumers. The company is aiming to launch in markets like Malaysia, Thailand, the Philippines, Indonesia and Vietnam through this year with more than 10,000 hours of U.S. and local content.

“We are excited to join forces with such an outstanding regional partner, who shares our vision," said Patrick Grove, chairman of iflix. "The new funds will allow us to execute on our plan to deliver thousands of hours of entertainment for a low monthly price to the 600 million consumers in the region. There is a seismic shift taking place in the global entertainment landscape. We believe iflix is perfectly positioned to capitalize on this incredible opportunity.”

PLDT Chairman Manuel V. Pangilinan added, “We are very bullish about the prospects of the iflix service, which has been designed to address the preferences and demands of the rapidly expanding Asian market. PLDT looks forward to working with iflix to grow its business and introduce new media services that will fuel further the demand for broadband and mobile access in the Philippines and across Southeast Asia."