Asian Video on Demand service iFlix which is yet to be launched, has landed an investment of $30 million.
The $30 million investment of capital has come from Catcha group who owns iFlix, and PLDT, a telecom company in the Philippines.
The newly acquired funding will be used for bringing the service to more countries in Southeast Asia, increasing its catalog and interestingly to produce ‘original content’. According to TechCrunch, the company is ‘working with local and regional production companies rather than independent producers on original content.’
Video on demand service is not an untapped market in Asia, but it has considerably less competition as big players such as netflix and HBO Go havn’t entered in these markets.
The time is right for iFlix to set a foothold in the Asian video-on-demand domain.