Econet Media’s Kwesé has acquired a ‘significant stake’ in Malaysia based iflix, a subscription video-on-demand service.
With operations in Nigeria, Kenya, Ghana and South Africa, iflix offers users an extensive collection of movies and exclusive programming and with Kwesé’s presence in 13 countries, expertise will be competition for Showmax and Netflix.
“Our companies share a mutual passion for innovation, along with a deep understanding of the culture and evolution of digital businesses. Mobility in content consumption has grown exponentially in Africa and by partnering with iflix Africa we are ensuring that we are not only taking part in the evolution, but are leading the movement,” Econet Group founder and executive chairman, Strive Masiyiwa said.
Mark Britt, iflix Group’s co-founder and CEO, described the deal as “a huge milestone” for his company.
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“Following the initial phase of building our business in Africa, we have seen tremendous growth across our operating markets, far exceeding our expectations. Econet’s deep experience and success in media and telecoms will be a huge advantage and enable us to continue to grow rapidly,” he said.
Kwese has alsohas built the largest pan-African free-to-air broadcast network showcasing Kwesé Free Sport in over 25 countries.
iflix, launched in May 2015, last year raised $220 million in funds.
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