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Friday, March 29, 2024

PLDT invests $15m in iFlix

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Philippine Long Distance Telephone Co. said Thursday it invested $15 million in iFlix, Southeast Asia’s leading Internet TV service provider.

The country’s largest telecom company said in a statement the investment in iFlix was in line with the strategy to develop new revenue streams and to complement its present business by participating in the digital world beyond providing access and connectivity.

“We are very bullish about the prospects of the iFlix service which has been designed to address the preferences and demands of the rapidly expanding Asian Market,” PLDT chairman Manuel Pangilinan said.

“PLDT looks forward to working with iFlix to grow its business and introduce new media services that will fuel further the demand for broadband and mobile access in the Philippines and across Southeast Asia,” he said.

Catcha Group also invested another $15 million in iFlix, which plans to roll out the service across Southeast Asia, acquire rights to new content, produce original programming and market to potential customers.

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Launching in key Southeast Asian markets, including Malaysia, Thailand, the Philippines, Indonesia and Vietnam throughout 2015, iFlix will offer consumers more than 10,000 hours of top US, Asian regional, and local TV shows and movies.

Each subscription will allow a user to access the service on five devices, as well as download content to their mobile, tablet, computer, or television set, for viewing.

“We are excited to join forces with such an outstanding regional partner, who shares our vision. The new funds will allow us to execute on our plan to deliver thousands of hours of entertainment for a low monthly price to the 600 million consumers in the region,” iFlix chairman Patrick Grove said.

“There is a seismic shift taking place in the global entertainment landscape. We believe iFlix is perfectly positioned to capitalize on this incredible opportunity,” Grove added.

PLDT last year invested $445 million in Germany’s Rocket Internet, which has created a suite of online e-commerce platforms such as Lazada and Zalora.

PLDT now owns a 6.1-percent stake in Rocket Internet.

Rocket and PLDT also formed a new company called Philippine Internet Group that will tap Smart’s expertise in mobile payments.

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