Southeast Asia Netflix clone gets $30m in funding

The platform was set earlier this year by Patrick Grove, CEO of Catcha, a Malaysia-based media company, which has received numerous rounds from private equity and strategic investors. Evolution Media Capital, a media, sports and entertainment-focused merchant bank, is also a co-founder of iflix.

The capital will be used to support the roll-out of video-on-demand services across Southeast Asia, acquire rights to new content, produce original programming and market to potential customers. Iflix is in the process of launching in Malaysia, Thailand, the Philippines, Indonesia and Vietnam, offering more than 10,000 hours of television shows and movies that can be viewed on multiple devices.

With Netflix yet to establish a presence in Southeast Asia, there is interest in creating similar platforms within the region. In January, Singapore telecom provider SingTel announced a video-on-demand venture in partnership with Warner Brothers and Sony.

There is a clear emphasis on mobile, with iflix citing projections that the number of smart phone users and households with fixed line broadband in Southeast Asia will surpass 240 million and 55 million, respectively, by 2018. It is estimated that up to one third of smart phone uses in the region already use their devices to watch long-form videos.

"We are very bullish about the prospects of the iflix service which has been designed to address the preferences and demands of the rapidly expanding Asian market," Manuel V. Pangilinan, chairman of PLDT, said in a statement.

Initially a search engine, Catcha now has a portfolio of online assets said to be worth more than $1 billion, comprising four publicly listed entities and 50 private investments. Its current investors include Intel Capital, REA Group, Carsales.com and Malaysia's Star Media Group, as well as assorted VC and PE firms.

Last year the company set up Catcha Ventures to invest in new media, technology and mobile businesses throughout Southeast Asia.

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• Topics
• Expansion
• Venture
• Media
• Southeast Asia
• Media
• TMT
• Venture
• Southeast Asia