Econet Global has acquired iflix’s stake in African streaming platform Kwesé iflix, following its recent decision to scrap its premium Kwesé TV direct-to-home service to instead focus on digital video.
Kuala Lumpur-based iflix, which first entered sub-Saharan Africa in June 2017, said it will now concentrated on its Asian business, particularly the markets of Indonesia, Malaysia and the Philippines.
iflix entered a joint venture with Econet Global to launch Kwesé iflix earlier in 2018, offering viewers a combination of live sport, entertainment and local African and international series and movies on-demand. Since its launch, the platform has grown to become the largest digital aggregator of free-to-air TV channels in Africa, the companies claim.
“The conclusion of our acquisition of iflix Africa is a natural progression for our revised business strategy as a Group, particularly the Kwesé business which offers premium broadcasting services . With the immense growth and positive uptake of VOD and OTT services across the continent, we believe connected services – particularly mobile – is the future of broadcasting in Africa,” said Hardy Pemhiwa, CEO, Econet Global Limited.
“As Kwesé iflix continues to expand across the continent, we look forward to growing the original programming portfolio by commissioning home-grown content for the benefit of regional media industries. The recently launched Kwesé iflix original, of Kenyan origin, Nganya has already enjoyed immense success, we look forward to continuing this trajectory with the introduction for an impressive slate of original programming with an exciting Tanzanian telenovela set to launch in February 2019.”
iflix co-founder and CEO, Mark Britt, said: “It has been an incredible journey and learning experience, launching our service in Africa. The acquisition by the Econet Group, our regional partner and Africa’s leading broadcast network, is a significant milestone for the African business, and further reinforces iflix’s commitment to our core markets in Asia, particularly Indonesia, Malaysia and the Philippines which continue to grow from strength to strength.”
Following the sale, iflix said it would continue to provide technical support to Econet Global ‘to ensure a seamless and enjoyable viewing experience for Kwesé iflix users’
Source: https://www.rapidtvnews.com/2018122454585/iflix-sells-african-assets-to-econet.html#axzz5abR2F9x8