According to reports in foreign media, Chinese social media and entertainment giant Tencent would acquire a controlling stake in Iflix, a streaming service company in Southeast Asia.
This means the streaming business in Asia will be further integrated. It is also the largest international expansion move of a Chinese large video streaming service company so far.
It is said that Iflix's content cooperation partners had receive notice and the Iflix brand would continue operation for at least six to twelve months. Iflix will reportedly keep most of the employees, including Marc Barnett who is expected to be the CEO in the future.
By April 2020, Iflix had over 25 million active users and its monthly view was over 2.5 billion minutes. However, the company still suffered severe loss. In 2018, Iflix's post-tax losses were USD158 million, a year-on-year increase of 30%.
So far, Iflix has been operating business in 13 countries, including Malaysia, Indonesia, Philippines, Bangladesh, Nepal, Thailand, Brunei, Sri Lanka, Pakistan, Myanmar, Vietnam, Maldives and Cambodia.