Tencent buys Malaysian streaming platform iflix

Startup has been facing significant loses and financial difficulties. FMTNews Tencent Iflix

KUALA LUMPUR: Tencent said on Thursday it had purchased Malaysian video streaming platform iflix’s “content, technology, and resources” in a bid to grow its presence in Southeast Asia.

That would make the deal significantly smaller than the US$1 billion valuation that iflix had sought in 2019 when it planned a public listing in Australia. But it is facing significant accumulated losses and financial difficulties, according to two sources familiar with the company.The purchase comes as part of Tencent’s efforts to capitalise on its fast-growing userbase in the region of 650 million, where it operates music streaming service JOOX and popular game PlayerUnknown’s Battlegrounds mobile.

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