Tencent to buy Asian streamer Iflix
Tencent will take control of iFlix’s content, resources and tech, but not its debt, in a move that would expand the reach of its WeTV streaming service in the region. Tencent says, ii is in line with our strategy to expand our international streaming platform, WeTV, across South-East Asia and provide users with international, local and original high-quality content in a wide range of genres and languages.
Iflix ramped up its originals drive in the past few years, having entered the original programming space in 2017. It found early success with the crime drama KL Gangster: Underworld, which saw a completion rate of 70% during its first week of release, and was renewed for a second season last year.
Its more recent original output includes a four-part miniseries adaptation of Fauziah Ansari’s romantic drama novels, Ombak Rindu, and horror series Kisah Tanah Jawa.
Tencent is also understood to be exploring the possibility of a merger with rival Chinese media giant iQiyi; a union that could create the world’s biggest streaming service, with more subscribers than Netflix.
The merger would see Tencent become a majority shareholder in iQiyi, with the strategy designed to reduce both service’s costs and counter competition.