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Like Alibaba made its debut in Nepal with the name of Daraz, Tencent could also make its entrance to Nepal through iflix. The Giant Chinese company, Tencent buys the iflix video streaming platform. The company was having a tough time recently with closure in different regions. This acquisition of iFlix shall help Tencent to expand its video streaming service to South-east Asia including Nepal.
Recently, the iflix video service was shut down for Ncell with immediate effect on June 6 where Ncell data users were no longer able to access iflix VIP for Free. Yet, with that, users in Nepal were still able to access various Movies, TV series on both free and VIP Tier on iflix by purchasing the subscription service from eSewa, Daraz, Khalti, and Prabhu Pay.
It was until lately, iflix decided to shut down its business in some regions due to various problems. But, luckily, iflix is now under Tencent which is a giant Chinese firm. If they continue to do the operations here, we will have the opportunity to enjoy this bolstered video streaming platform in Nepal.
iflix was established in 2014, and since then it has been serving users in various countries. The company has been serving countries like Indonesia, Malaysia, Vietnam, Thailand, the Philippines, Sri Lanka, Brunei, the Maldives, Pakistan, Myanmar, Cambodia, Nepal, and Bangladesh. Moreover, as of April 2020, it allegedly had 25 million monthly active users on its platform. The video streaming platform had arrived in Nepal, exclusively on Ncell network from October 2017.
Like we know, iflix originates from Malaysia. It was in loss for a while now, which induced the closure of business in the middle east and other parts of the world. The closure shows that the company was struggling and finding it difficult even to sustain itself in the market.
And after the shutting down of the business due to various reasons, the company was exploring sale options to avoid financial distress. It was after that, the rumors were following the tabloids about several Chinese tech firms. These firms were considering to takeover of this Malaysia-based streaming service. Also, the citing people familiar with the business, Campaign reported that the company had burned through its remaining cash a few months ago.
It has been evident that till date, iflix has raised a total of US$348 million in funding. Moreover, the latest round came in July last year where it reportedly banked US$50 million ahead of a potential IPO. Rumour has it, about the company looking into going public in Australia this year, but later abandon its plans as it looked to raise more fundings.
So, recently Tencent obtained iflix and made its premium debut in Nepal and other countries through its initial name. This market giant owns WeChat, QQ, JD (online shopping), PubG gaming and so much more. Moreover, Tencent is basically the overall game-changer premium company of China and, it also leads in Artificial Intelligence and many other fields. They have many platforms including the Wechat payment, WeTV, etc. JD.com has already launched it’s AI-powered delivery robots in some parts of China.
Now, that this Chinese entertainment titan has acquired this platform they will also be promoting We TV in the region where iflix is available. WeTV is a very famous entertainment platform in its homeland; it is basically Netflix/YouTube of China. So, this also means we will be able to have access to multiple Chinese dramas, movies, and series through iflix now. However, the financial details of the transaction remain undisclosed.
Also, the company stated, “Through the purchase, WeTV will further extend our presence in the video-streaming industry across Southeast Asia to reach a broader audience base within the region and to better serve our users with a better viewing experience.”
Tencent Video also launched WeTV in Thailand last year while offering original Chinese content with Thai dubbing and other content made with local partners. They further extended the service in Indonesia and the Philippine as well.
Now, along with Iflix’s purchase which includes content, technology, and resources of Iflix’s local network across emerging markets WeTV will be able to deliver a wider range of international, local, and original content to its users all across the world.
Well, now that iflix is a company under Tencent, it has been vocal about the changes and keeps it will be making for the company. They recently announced that most of Iflix’s current staff, including CEO Marc Barnett, will maintain their roles. They went on to further state that “Our current priority is to ensure smooth integration with our existing business and also talent retention.”
This buyout is a good deal for iflix as countries like Nepal will get access to an entertainment platform that can withstand Netflix and offer various global resources. This way, iflix will be able to endure for a long period and can also turn out to be a popular and all-time favorite entertainment hub.
Furthermore, it was in May that the two heads from investment fund Mandala Asset Solutions joined the company’s board of directors. And, we learned about the exits of iflix co-founders Luke Elliott and Patrick Grove from the company’s board. So, with that, iflix will officially be operating under Tencent and will provide various international entertainment resources as well.
Tell us what do you expect with the iflix acquisition by Tencent and the impact for Nepal, in the comment below.