Kuala Lumpur-based iflix, which first entered sub-Saharan Africa in June 2017, said it will now concentrate on its Asian business.
On-demand video streaming platform iflix, has sold its stake in iflix Africa to telco group Econet Global Limited. Kuala Lumpur-based iflix, which first entered sub-Saharan Africa in June 2017, said it will now concentrate on its Asian business, particularly the markets of Indonesia, Malaysia and the Philippines.
According to an official statement, the deal sees telecoms firm Econet buying the Malaysia-based iflix remaining stake in iflix Africa, to add to its existing stake in the company.
Post the deal, iflixs footprint comes down to 23 countries, largely across Southeast Asia and West Asia. iflix entered a joint venture with Econet Global to launch Kwesé iflix earlier in 2018, offering viewers a combination of live sport, entertainment and local African and international series and movies on-demand.
For Econet, which is an international group with pan-African origins, the completion of this transaction follows its recently announced decision to refocus the business towards a digital future.
The conclusion of our acquisition of iflix Africa, is a natural progression for our revised business strategy as a Group, particularly the Kwesé business which offers premium broadcasting services. With the immense growth and positive uptake of VOD and OTT services across the continent, we believe connected services particularly mobile is the future of broadcasting in Africa, said Econet CEO Hardy Pemhiwa.
iflix co-founder and CEO, Mark Britt, added: It has been an incredible journey and learning experience, launching our service in Africa. The acquisition by the Econet Group, our regional partner and Africas leading broadcast network, is a significant milestone for the African business, and further reinforces iflixs commitment to our core markets in Asia, particularly Indonesia, Malaysia and the Philippines which continue to grow from strength to strength.
Following the sale, iflix said it would continue to provide technical support to Econet Global.