SEA’s video-streaming site Iflix has raised $90 million led by Liberty Global and Zain Group to expand operations in South East Asia and launch in Middle East and Africa targeting the growing smartphone users.
According to a report by Bloomberg, Iflix previous investors Sky Plc, Catcha Group and Evolution Media Capital also participated in the round. In 2016, Sky invested $45 million in Iflix. This gives Iflix more than $135m at hand to buy content and expand into more regions.
Targeting the Middle East and Africa, Patrick Grove, Iflix cofounder and chairman, told Bloomberg the firm is a cheap alternative to piracy compared to its competitors at nearly $2 a month compared to Netflix’s $8 a month.
iFlix will take on the recently launched Amazon’s Prime Video is now live in over 200 countries and territories around the world with original series in English, with French, Italian, Portuguese and Spanish subtitles, BBC and ITV’s BritBox and Netflix , NuVu and ShowMax.
Amazon Prime Video will charge $2.99 and $5.99 per month while Netflix charges US$7.99 for basic, US$9.99 for standard and US$11.99 for Premium. ShowMax charges $3.30 and $8.80 for its ShowMax Select and ShowMax premium packages respectively. YouTube Red is also producing its own movies and will be a competition to all this players.