Expanding its investment into the OTT sector, U.K.-based Sky has invested $45 million in iflix alongside a strategic partnership with the service, which launched last May and now counts more than 1 million subs.
iflix, which is facing increased competition amid Netflix’s global service expansion, is currently offered in Malaysia, Thailand and the Philippines and offers tens of thousands of hours of TV shows and movies from Hollywood as well as from Asia. It’s expected to launch service to other parts of the ASEAN market region in the coming months. According to the iflix web site, subs can connect up to five devices, and stream on two at the same time.
Under the partnership, Sky and iflix will “will work together to identify areas of future collaboration across the high-growth emerging markets in which iflix operates.”
Sky’s investment in iflix includes the purchase of $2.5 million shares from existing investors. iflix has raised $75 million so far, according to CrunchBase.
The investment in iflix follows other, recent OTT- and digital video-focused investments made by Sky, including DataXu (marketing analytics and data management), TV4 Entertainment, Pluto TV, Roku, Whistle Sports, and Jaunt, a VR-focused startup.
“iflix has quickly established itself as Southeast Asia’s most exciting and fastest-growing streaming TV service,” Sky group CFO Andrew Griffith, said in a statement. “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 deliver their ambitious plans."