Pan-African entertainment company and Econet Wireless subsidiary Kwesé has acquired ‘significant’ stake in Malaysian-based entertainment services firm iflix Africa for an undisclosed amount to strengthen its Streaming or Subscription Video on Demand (SVOD) service in sub-Saharan Africa.
Econet Group Founder and Executive Chairman, Strive Masiyiwa remarked: “We are thrilled to deepen our operating partnership with iflix to lead the transformation of media in Africa. Our companies share a mutual passion for innovation, along with a deep understanding of the culture and evolution of digital businesses.
“Mobility in content consumption has grown exponentially in Africa and by partnering with iflix Africa we are ensuring that we are not only taking part in the evolution, but are leading the movement.”
Mark Britt, iflix Group Co-founder and CEO said: “The strengthening of our relationship with Econet Group is a huge milestone for iflix. Following the initial phase of building our business in Africa, we have seen tremendous growth across our operating markets, far exceeding our expectations.”
The pay-as-you-watch pay-TV service is currently available in 13 countries and its Free Sport offering in over 25 countries.
“The operating partnership will see iflix drive Kwesé’s go-to-market mobile delivery in each of its territories,” reads a statement.
In October last year, Kwesé launched its satellite TV service to move more aggressively within the on-demand services space.
The company also confirmed its intention to roll out Over the Top (OTT) services and partner with telecom companies to expand streaming services.
Neo Lekgabo, Chief Marketing Officer at Econet Media said the company had established retail agreements with mobile network operators including Safaricom, Vodafone, MTN, in whose shops the firm would sell its boxes.
iflix entered the African market in June 2017 and has set up operations in Nigeria, Kenya, Ghana and South Africa.