iflix raises US$30m for service expansion

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KUALA LUMPUR (Apr 23): Internet TV service provider iflix, which is under the Catcha Group, has raised US$30 million (RM108.47 million) in a funding round led by regional strategic investors, Catcha Group and Philippine Long Distance Telephone Company (PLDT), to continue its service roll out across the Southeast Asia region.

In a statement today, iflix said the money will also be used to acquire rights to new content, produce original programmes and market to potential customers.

The service is expected to be launched in key Southeast Asian markets, including Malaysia, Thailand, the Philippines, Indonesia, and Vietnam throughout 2015.

Iflix said it will offer consumers more than 10,000 hours of top US, Asian regional, and local TV shows and movies.

Each subscription will allow a user to access the service on five devices and download content to their mobile, tablet, computer, or television set for viewing anywhere, anytime.

"We are excited to join forces with such an outstanding regional partner, who shares our vision. The new funds will allow us to execute our plan to deliver thousands of hours of entertainment for a low monthly price to the 600 million consumers in the region," said iflix chairman Patrick Grove.

"There was a seismic shift taking place in the global entertainment landscape. We believe iflix was perfectly positioned to capitalise on this incredible opportunity," Grove added.

Meanwhile, PLDT chairman Manuel V Pangilinan is bullish about the prospects of the iflix service, which he described as having been designed to address the preferences and demands of the rapidly expanding Asian market.

PLDT is the largest integrated telecommunications company in the Philippines, read iflix’s statement today.

"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," he added.

iflix is a partnership between disruptive local entrepreneurs and Hollywood heavyweights.