European television giant Sky has invested $ 45 million in iflix, an Asian competitor to the streaming services like Amazon Prime Instant Video and market giant Netflix.
Sky has long identified Netflix as a disruptor to its business, and the company’s investment in a burgeoning service that offers a huge package of shows and films to the Asian markets is an interesting one.
The service currently runs across Malaysia, Thailand and the Philippines and, since its launch in May 2015 has already signed up over one million members.
The streaming company has already outlined its plans to move into more Asian markets, although Netflix’s decision to broaden its own reach across the globe will inevitably put pressure on growth.
Sky already has its own streaming service called Now TV, and the company’s latest offering in the set top box market – the Sky Q – is built to operate and compete in a modern streaming landscape.
iflix has quickly established itself as Southeast Asia’s most exciting and fastest-growing streaming TV service, said Sky CFO Andrew Griffith.
"There are lots of opportunities for Sky and iflix to work together and share expertise as both companies continue to expand."
iflix co-founder and Group CEO, Mark Britt added: "We are thrilled to welcome Sky to the iflix family. As pioneers in the global broadcasting industry and true leaders in television and media, they share our passion for delivering market-leading content and services through innovation.
"Sky’s investment will further support our commitment to providing our members with the best in entertainment."
- Read the Sky Q review