Malaysia-based video streaming startup iflix on Wednesday announced securing an unspecified amount in strategic funding from JTBC Content Hub, the content distribution arm of South Korean media company JTBC.
As part of the investment, iflix will distribute JTBC’s premium content across Asia. It could also potentially collaborate with the South Korean firm for content, including co-productions. In addition, JTBC’s most popular content and over 500 hours of Korean dramas will be available to iflix users for free.
“With its fast-growing economy and attractive demographics, Southeast Asia has always been one of the most important regions to JTBC. Through iflix, we hope more and more SEA people enjoy JTBC’s exciting and trend-leading content,” said JTBC Content Hub CEO Kyungmoon Jung.
The Kuala Lumpur-headquartered startup had bagged a strategic investment from Japanese entertainment conglomerate Yoshimoto Kogyo earlier this month, which marked the latter’s first overseas investment in a media company.
iflix is said to be preparing for a listing on the Australian Securities Exchange that could value the company at more than $1 billion. The startup has declined to comment on its IPO plans.
Britt had earlier told DEALSTREETASIA that the startup will look to raise at least two more financing rounds before considering going public. iflix last raised $133 million in September 2017 in a round led by US-based Hearst Communications and Singapore-based EDBI as well as clients of DBS Private Bank.
Last December, it pulled out of Africa after selling its business in the region to telco group Econet Global for an undisclosed amount. The company had then said that it had decided to sharpen its focus on its core markets in Asia.
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.