PLDT, Catcha Group place $30M in iflix

Philippine Long Distance Telephone Company on Thursday announced an investment of $15 million in Internet TV service iflix.

 

The investment is in line with its strategy to develop new revenue streams and to complement its present business by participating in the digital world beyond providing access and connectivity, the company said in a disclosure to the Philippine Stock Exchange.

 

In a separate statement, iflix noted the completion of a $30-million round of funding led by PLDT and international investment firm Catcha Group.

 

The funds raised will be used to continue to roll out the iflix service across the Southeast Asia region, acquire rights to new content, and produce original programming and market to potential customers.

 

Through its Internet service iflix is targeting the 600 million consumers in Southeast Asia.

 

“There is a seismic shift taking place in the global entertainment landscape," said iflix chairman Patrick Grove. "We believe iflix is perfectly positioned to capitalize on this incredible opportunity.”

 

"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," said PLDT Chairman Manuel V. Pangilinan.

 

According to iflix, it will launch the service in Malaysia, Thailand, Philippines, Indonesia, and Vietnam by offering consumers movies and TV shows from the US and Asia. 

 

Subscribers can access the service and download content through their mobile, tablet, computer, or television set. – VS, GMA News