Tencent acquires iflix, Southeast Asia’s Netflix
Tencent recently acquired a Malaysian video streaming platform "iflix". After the acquisition, for 6-12 months the service name “iflix” will be kept, and the hiring succession of key employees, including CEO Mark Bennett, will also take place.
The exact acquisition price was not disclosed, but given that "iflix" raised USD 348 million in funding over seven investment rounds and was valued at around USD 1 billion when it was planning its IPO in Australia last year, It is presumed to have been a significant M&A.
"iflix" is the largest OTT service in Southeast Asia, founded in 2014, and has 25 million Active Users in 13 countries. However, with the recent increase in global OTT services including Netflix in Southeast Asia, a significant amount of users have left the service. Also, it was suffering from expensive global content copyrights. Under these circumstances, Tencent was the first to attempt the acquisition of "iflix".
Since the launch of the global OTT service We-TV, Tencent has been making aggressive investments in order to dominate the market over its rival "iqiyi". In this regard, it seems that the aim of Tencent is to increase market dominance by acquiring iflix, an OTT service in Singapore and Malaysia, where OTT service was the first to be introduced among the Southeast Asian market.
Southeast Asian OTT services seem to be in desperate need of a Korean content copyright trading platform, as the copyright value of Korean content, which is huge in the Southeast Asian market, has recently soared.
This change in the market is expected to be an opportunity for new customer expansion of content copyright trading platforms based in Korea.
article source: https://platum.kr/archives/143909