Tencent acquires iflix

Tencent Holdings Ltd. has bought the Asian streaming platform iflix to expand the presence of its own streaming platform, WeTV, in Southeast Asia.

Although the Chinese company did not disclose the figures it has acquired, among the things that it has gained from iflix’s are content, technology, and resources to provide audience more programs in various genres and languages.

The Kuala Lumpur-based company currently has 25 million users and operates across South and Southeast Asia.

According to the report from Bloomberg, the COVID-19 pandemic decreased the number of advertisements in the media industry which heavily affected the company’s revenues.

Tencent plans to run iflix independently. It will then be merged with WeTV to reach viewers who are living outside China.

The company is also interested in acquiring shares of its rival streaming service in China, iQIYI.