UK’s Sky Backs USD45 Million Funding Round into Iflix

Published by Amzar Anizam @ 11/03/2016

Europe’s entertainment giant, Sky PLC led the new round of funding into iflix with USD45 million to assist in accelerating the company’s growth in Malaysia, Thailand and the Philippines, as well as expanding into new markets on the back of strong demand for the service. Sky’s investment in iflix also includes the purchase of USD2.5 million of shares from existing investors.

iflix co-founder and Group CEO, Mark Britt said, “We are thrilled to welcome Sky to the iflix family. As pioneers of the global broadcasting industry and true leaders in television and media, they share our passion for delivering market-leading content and services through innovation. We are also pleased that Sky will further their commitment by appointing a Director to the board of iflix.”

Britt continued, “In response to both the rapid growth and customer adoption in our existing markets and strong demand from new markets, we have decided to accelerate our expansion plans for the business sooner than expected. The investment will support our continuing commitment to providing our members with the best in entertainment.”

Andrew Griffith, Group Chief Financial Officer, Sky reiterated, “iflix has quickly established itself as Southeast Asia’s most exciting and fastest-growing streaming TV service. There are lots of opportunities for Sky and iflix to work together and share expertise as both companies continue to expand. We are really looking forward to supporting Mark and his team delivers their ambitious plans.”

Additionally, Indonesian company Emtek Group, through its subsidiary Surya Citra Media, one of Indonesia’s leading television and content companies, also participated in the round of funding to launch iflix in Indonesia. Entry to Indonesia marks the company’s fourth market, after Malaysia, the Philippines and Thailand.

Andrew Griffith, Group Chief Financial Officer, Sky. Photo credit: corporate.sky.com