Online streaming website iflix sells Africa business to Econet Global

By professo

The Kuala Lumpar-headquartered streaming website, iflix, has sold its African business to Econet Global, the subsidiary of Johannesburg-based telecommunications firm Econet Wireless.

iflix initially revealed plans to launch services in sub-Sahara Africa in June 2017, which led to “eight months of rapid growth”, the company claims.

Econet Global acquired a stake in the firm’s operations on the continent, which saw iflix Africa rebrand as Kwesé iflix.

The company also expanded its operations to both East and Southern Africa.

SEE ALSO:

“It has been an incredible journey and learning experience, launching our service in Africa,” stated Mark Britt, Co-Founder and CEO of iflix.

“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.”

“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,” he said.

Through the sale of its African operations, iflix will now target its resources towards its core Asian markets.

Share

Featured Articles

Musk’s multibillion hostile Twitter takeover – the timeline

As billionaire entrepreneur Elon Musk buys Twitter for US$44bn, we draw up a timeline, from the buying of shares to the critical tweets and unsolicited bid

Sustainable moves businesses can make to win customers, IBM

With half of consumers saying environmental sustainability is more important today than a year ago, businesses should up their eco action, says IBM report

Banks and consultancies top workplaces to grow career in UK

Financial and professional services firms rank highest in LinkedIn Top 25 best workplaces list – from Barclays, Lloyds and HSBC, to PwC, Deloitte and EY

Top 10 women in technology in Europe

Leadership & Strategy

The value of ESG links sustainability to business returns

Sustainability

Top 10 European football clubs by revenue 2022 – Deloitte

Corporate Finance