According to the reports, The Chinese Giant Tencent has joined the hands with struggling Asian streaming service Iflix for improving its divisions in the video streaming field. Tencent said it had purchased the “content, technology and resources” of Malaysia-headquartered Iflix, which operates in 13 markets in South and Southeast Asia.
“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,” the company said in a statement.
There is no clarification given by the company which could reveal its value of the deal but the entertainment outlet Variety said it was worth “several tens of millions of dollars”, citing sources familiar with the agreement.
Iflix has many new shows available for entertainment in which some of them are for free and some of them are paid. Users get access to the premium shows available on Iflix if they buy the subscriptions.
The company was launched in 2015, was reportedly poised for an IPO in Australia but ditched the plans after the coronavirus pandemic.
Overall the deal between Tencent and Iflix will bring the more new and great experience for their users.