Internet TV service iflix has completed a $30-million round of funding led by Catcha Group and Philippine Long Distance Telephone Company (PLDT).
The funds raised will be used to roll out the iflix service across Southeast Asia, acquire rights to new content, produce original programming and market to potential customers.
“The new funds will allow us to execute on our plan to deliver thousands of hours of entertainment for a low monthly price to the 600 million consumers in the region,” said iflix chairman Patrick Grove.
PLDT chairman Manuel V. Pangilinan added that his company is very bullish about the prospects of the iflix service, which has been designed to address the preferences and demands of the rapidly expanding Asian market.
To be launched in Malaysia, Thailand, Philippines, Indonesia, and Vietnam throughout 2015, iflix will offer consumers more than 10,000 hours of top US, Asian regional, and local TV shows and movies.
Each subscription will allow a user to access the service on five devices, as well as download content to their mobile, tablet, computer, or television set, for viewing anywhere, anytime.