Hollywood’s MGM invests in South-East Asia’s iflix
By Digital News Asia August 21, 2015
- Continues relationship begun with content deal, chairman on the board
- MGM has substantial weight, influence and resources, iflix notes
INTERNET TV service iflix has announced that Hollywood studio Metro-Goldwyn-Mayer (MGM) has become an investor in its business. Financial details were not disclosed.
The investment represents a “significant deepening of the relationship” between iflix and MGM, the Kuala Lumpur-based video-streaming company said in a statement.
This relationship included the appointment of MGM chairman and chief executive officer Gary Barber to iflix’s advisory board, and the companies’ multi-year content licensing partnership, that were previously announced.
Through the agreement, MGM contributes television and film content to iflix’s library of entertainment content, which the company claimed now comprises 20,000 movies and television episodes.
“We are thrilled to have a studio partner and strategic investor of MGM’s calibre join the iflix family,” said iflix group chief executive officer Mark Britt.
“MGM’s substantial weight, influence and resources in the industry will be a critical advantage for us in the development and execution of our strategy as we look to solidify our leadership in the region and expand into new markets,” he added.
Having launched in Malaysia and the Philippines, iflix said it will roll out its service to additional key South-East Asian markets, including Thailand and Indonesia, throughout 2015.
It offers consumers US, Asian regional, and local TV shows and movies. Each subscription allows users to access the service on five devices such as mobile, tablet, computer, or television set, for viewing anywhere, anytime.
The service is priced at only RM8 (US$1.95 at current rates) per month in Malaysia for unlimited access.
“iflix is an innovative and rapidly growing service,” said MGM’s Barber.
“We are always looking at new strategic investment opportunities and this is one about which we are very excited,” he added.
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