Tencent buys M’sian streaming platform Iflix in SE Asia push By Reuters | 3 hours ago | Mainstream
TENCENT said on Thursday it had purchased Malaysian video streaming platform Iflix’s “content, technology, and resources” in a bid to grow its presence in Southeast Asia.
The Chinese tech giant said in a statement that Iflix’s catalogue of “international, local, and original content” would enable it to expand the reach of its overseas video streaming service, WeTV, which it launched in Thailand in 2019.
A Tencent spokeswoman declined to disclose the size of the deal. US entertainment media outlet Variety, which first published the news on Wednesday, cited people with knowledge of the agreement as saying the deal was worth “several tens of millions of dollars.”
That would make the deal significantly smaller than the US$1 bil valuation that Iflix had sought in 2019 when it planned a public listing in Australia.
The Malaysian startup, which had raised over US$300 mil (RM1.28 bil), says it has more than 25 million active users in Southeast Asia. But it is facing significant accumulated losses and financial difficulties, according to two sources familiar with the company.
Iflix was not immediately available for comment.
The purchase comes as part of Tencent’s efforts to capitalise on its fast-growing user base in the region of 650 million, where it operates music streaming service JOOX and popular game PlayerUnknown’s Battlegrounds.
Tencent Video, its streaming platform in China, boasted over 110 million paid subscribers at the end of March.
WeTV will face a crowded field in Southeast Asia, which includes U.S giant Netflix and Chinese rival iQIYI.
Reuters reported in June that Tencent was in early talks to become the biggest shareholder iQIYI. Both companies have declined to comment. – June 25, 2020, Reuters
no. rev was sold to media prima. rev never own iflix to begin with. See this website under catcha growing global influence. https://www.catchagroup.com/ It says they exited rev but they still retain iflix
What will Patrick Groove CATCHA GROUP do for REV ASIA after selling digital business to Media Prima
Many thought REV ASIA is still under Media Prima ...no..actually under Catcha group . Patrick Grove listed vehicle in Bursa Malaysia One one ..REV ASIA now empty shell.
What will Patrick Grove plan for REV ASIA after Got some money from Media Prima and from TENCENT when they acquire IFLIX .
What his plan...why we all miss big time No buy at 0.08 fro REV Asia ..because all though REV ASIA is still under Media Prima.
So sad ..now only find out while .
Hot money or bankers chip already inside Hope is still inside as it hit below RM 0 165 this morning and bounce back.
How come no o e notice when bankers chip is inside no warning ...no tip ..no sharing When bankers chip on ..quietly
@Atarah , Catcha have alot of achivement under Patrick's belt one of it is Wild digital. After bn lost to ph his klic dreams were vanished. With the sell of iflix to tencent are they cooperating for klic again as tencent are building alot of internet city in china. Worth to look at as Patrick wont give up rev asia (his baby) to fall into pn16
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
pretty_life
4,810 posts
Posted by pretty_life > 2020-06-25 15:55 | Report Abuse
Sapu limit up soon