Golden Gate Ventures | Venture Capital for Southeast Asia

Tencent buys Southeast Asian streaming platform Iflix

Chinese entertainment titan Tencent said it has purchased Southeast Asian streaming service Iflix to extend the reach of its own streaming platform WeTV into the region.

Financial details of the transaction were not disclosed.

“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,” the company told Tech in Asia in an emailed statement.

WeTV, which is operated by Tencent Video, was launched first in Thailand last year, offering original Chinese content with Thai dubbing and other content made with local partners. The service has also been made available in Indonesia and the Philippines. Tencent declined to disclose the platform’s operating metrics.

With the purchase, which includes Iflix’s content, technology, and resources, Iflix’s local network across emerging markets will give WeTV’s current users a wider range of international, local, and original content, Tencent said.

Read: Iflix deal signals Tencent’s big push into original content

The company also said that most of Iflix’s current staff, including CEO Marc Barnett, will retain their roles. “Our current priority is to ensure smooth integration with our existing business and also talent retention.”

Iflix, founded in 2014, competes with Netflix in the region, serving users in Indonesia, Malaysia, Vietnam, Thailand, the Philippines, Sri Lanka, Brunei, the Maldives, Pakistan, Myanmar, Cambodia, Nepal, and Bangladesh.

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