Streaming service iflix will be under new ownership, as the Chinese tech giant Tencent has confirmed reports of its acquisition of the Malaysian-based video streaming service.

Besides video games, instant messaging and other ventures, Tencent is heavily invested in television and video streaming services. As part of its aggressive expansion of its international streaming platform, known as WeTV, the purchase of iflix will give Tencent a reach of more than 25 million current subscribers across different countries in Southeast Asia. 

Despite its huge subscriber base, iflix has been operating at a loss. It’s reported that it has already used up all its money earlier this year amid the coronavirus pandemic. Tencent’s acquisition means iflix will be able to continue operation for the foreseeable future, but the brand name may be discontinued in favor of WeTV.

In partnership with PLDT Home and Smart Communications, iflix launched in the Philippines in 2015. It’s among the better options for streaming services in the country.

Via: Tech in Asia



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