iflix co-founder Mark Britt steps down from CEO role

The iflix logo is seen on a retro television screen. Graphic: DealStreetAsia

Mark Britt, the co-founder of Malaysia-based video streaming startup iflix, has stepped down from his role as the startup’s CEO after more than five years at its helm.

On his LinkedIn page, Britt said he will continue to be part of the startup as a full-time executive director, while Marc Barnett, managing director, will be assuming the CEO role.

“I shared an announcement internally with the company over the past few weeks that after 5.5 years of commuting between Asia and Sydney, it is time for me to step back from CEO and spend more time with my family,” Britt said.

In a note to staffers seen by ContentAsia, Britt said he will work on a “defined set of priorities”, focusing on advertising for all markets and supporting the Indonesia team.

He said he never wanted to leave the startup but can’t sustainably continue to be CEO and reconcile it with family obligations. Britt added that not spending enough time with his family “has been the toughest personal struggle of the iflix journey for me.”

Britt’s decision to step down as CEO comes after the startup, which caters to viewers in 12 Southeast Asian countries, had its after-tax losses jump 30 per cent to nearly $160 million in the calendar year 2018, according to accounts lodged with regulators in September seen by the Australian Financial Review.

In December 2018, the startup had pulled out of Africa after the sale of its regional business to telco Econet Global. It has been rumoured to be preparing for a listing either on the Australian Securities Exchange or the NYSE, which could value the company at more than $1 billion.

Founded in 2014 by Britt and Catcha Group CEO Patrick Grove, iflix claims to have 15 million subscribers across Malaysia, Indonesia, the Philippines, Thailand, Brunei, Sri Lanka, Pakistan, Myanmar, Vietnam, the Maldives, Kuwait, Bahrain, Saudi Arabia, Jordan, Iraq, Lebanon, Egypt, Sudan, Cambodia, Nigeria, Nepal, Bangladesh, and Morocco.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.