Asia-based Subscription Video on Demand (SVoD) startup, iflix announced it has completed a $133 million funding round led by Hearst, one of America’s largest diversified media, information and services companies.
Since going live in May 2015, the iflix said it has expanded from four markets to 19 across Asia, the Middle East and Africa. In addition, it has built deep integrated distribution partnerships with 27 leading telecommunications operators to bundle the iflix service with customers’ mobile and data subscriptions, all sponsored by the telecommunications provider.
The new round brings total funding raised by iflix this calendar year to an excess of $220 million. Proceeds from the round will be used to invest in its local content strategy. Last week, iflix Philippines announced its collaboration with the Philippines’ Queen of All Media, Kris Aquino, to commission an original drama series.
Mark Britt, Co-founder and Group CEO, iflix
We are thrilled to welcome Hearst President and CEO Steven Swartz and Hearst Entertainment & Syndication President Neeraj Khemlani to the iflix family. As iflix continues to grow and pioneer new ways for consumers to enjoy entertainment on their terms, we were looking for a partner who could bring additional expertise and knowledge to our business.
Rick Hess, Evolution Media Founder and C0-Managing Partner
The phenomenal growth of iflix has challenged many of the preconceptions we have in Hollywood about how entertainment is consumed in emerging markets around the world. It's fascinating to see iflix learn, scale and forge this new path.
