Iflix is an Asia-based startup which provides streaming services similar to Netflix. Their area of business is focusing on the emerging markets. And now it has been able to raise $133 million in a fresh round of funding to further increase its business. Iflix is on its way to acquiring a larger share in the hot streaming market.
The funding round was led by U.S. media conglomerate Hearst. It is interesting to note that it has also invested in companies such as BuzzFeed, Roku and Vice. Apart from it, there are other investors primarily from the Singaporean market.
Iflix came into the scene back in May 2015. Its services start at a low price of $3 per month. At present, it has operations in Asia, middle east and Africa, taking the total to almost 19 countries. To date, the firm has been able to raise up to $300 million.
With the latest round of funding the firm has a valuation of $500 million.
Iflix is the small but sure competitor to Netflix who has 100 million paying subscribers. However, when it comes to regional competition Iflix has been able to make some headway in the market.
Iflix had a customer base of 5 million last year. And it has not released the subscribers latest numbers. However, it has indicated that its seen an increase of 3X in subscribers count and 2X increase in engagement over the past year. Moreover, its revenue has seen an increase of 230 percent year-on-year. Although it has not divulged the real numbers for any of those stats.
Iflix CEO Mark Britt told the press that the company is not in direct competition with Netflix as its target audience is not the same. He emphasised that Iflix is giving the masses something entirely different from Netflix.
Britt explained that Netflix targets those with iPhones and other high-end devices. Whereas Iflix is catering for those who are not the elites. Iflix is geared towards low broadband services, low spec devices and primarily mobile focused consumption.
He said that if Netflix is the iPhone of the streaming services then Iflix aspires to take the Android spot. If everything goes well then surely Iflix is on its way to acquiring a larger share in the hot streaming market.