Iflix finds a new owner in Tencent
Asian streaming company had exited Middle East and African market in August last year and has been struggling financially
Tencent has purchased key assets of struggling streaming platform Iflix.
With a huge presence in Asia, it made business sense for the Chinese internet company to purchase Iflix.
As per the agreement Tencent will acquire Iflix content, technology and resources, geographic reach and expansion.
“This is in line with our strategy to expand our international streaming platform, WeTV, across Southeast Asia and provide users with international, local and original high-quality content in a wide range of genres and languages,” Tencent said in a statement released to Bloomberg.
Covid-19 has reportedly disrupted revenue streams for the media industry and Iflix has not been immune to its ill effects.
The streaming company exited the Middle East and Africa markets in August 2019.