AIRLINK 72.60 Decreased By ▼ -1.50 (-2.02%)
BOP 5.05 Increased By ▲ 0.05 (1%)
CNERGY 4.42 Increased By ▲ 0.08 (1.84%)
DFML 29.85 Increased By ▲ 0.31 (1.05%)
DGKC 84.40 Increased By ▲ 0.85 (1.02%)
FCCL 22.53 Increased By ▲ 0.10 (0.45%)
FFBL 34.53 Decreased By ▼ -0.37 (-1.06%)
FFL 10.18 Increased By ▲ 0.31 (3.14%)
GGL 10.33 Increased By ▲ 0.33 (3.3%)
HBL 113.10 Increased By ▲ 1.10 (0.98%)
HUBC 141.67 Increased By ▲ 3.98 (2.89%)
HUMNL 8.03 Increased By ▲ 1.05 (15.04%)
KEL 4.46 Increased By ▲ 0.06 (1.36%)
KOSM 4.54 Decreased By ▼ -0.05 (-1.09%)
MLCF 38.60 Increased By ▲ 0.05 (0.13%)
OGDC 135.00 Decreased By ▼ -1.60 (-1.17%)
PAEL 26.68 Increased By ▲ 1.54 (6.13%)
PIAA 26.10 Decreased By ▼ -0.41 (-1.55%)
PIBTL 6.56 Decreased By ▼ -0.09 (-1.35%)
PPL 122.20 Decreased By ▼ -3.20 (-2.55%)
PRL 28.35 Increased By ▲ 0.14 (0.5%)
PTC 14.00 Decreased By ▼ -0.30 (-2.1%)
SEARL 55.75 Increased By ▲ 1.15 (2.11%)
SNGP 70.60 Decreased By ▼ -0.60 (-0.84%)
SSGC 10.47 Decreased By ▼ -0.03 (-0.29%)
TELE 8.64 Increased By ▲ 0.12 (1.41%)
TPLP 11.10 Increased By ▲ 0.16 (1.46%)
TRG 61.60 Increased By ▲ 0.90 (1.48%)
UNITY 25.27 Decreased By ▼ -0.06 (-0.24%)
WTL 1.30 Increased By ▲ 0.04 (3.17%)
BR100 7,677 Increased By 12.7 (0.17%)
BR30 25,175 Increased By 149.9 (0.6%)
KSE100 73,227 Increased By 462.9 (0.64%)
KSE30 23,776 Increased By 1 (0%)

KUALA LUMPUR: Chinese internet giant Tencent said Thursday it had bought some assets of struggling Asian streaming service iflix, in a major expansion of its online video presence in the region.

Western firms, led by Netflix, dominate streaming globally but companies from the world's number two economy have been taking tentative steps outside their home market recently.

Tencent said it had purchased the "content, technology and resources" of Malaysia-headquartered iflix, which operates in 13 markets in South and Southeast Asia.

"This is in line with our strategy to expand our international streaming platform, WeTV, across Southeast Asia and provide users with international, local and original high-quality content," the company said in a statement.

The company did not reveal the value of the deal but entertainment outlet Variety said it was worth "several tens of millions of dollars", citing sources familiar with the agreement.

The range of content on iflix includes many original shows catered for local audiences. It gives away some content for free while making money from ads, while also offering a subscription-based premium service.

The company, launched in 2015, was reportedly poised for an IPO in Australia but ditched the plans after the coronavirus pandemic sparked turmoil in stock markets across the world. It was then forced to seek bids from other companies, Variety reported.

Comments

Comments are closed.