iflix reportedly sold to Wechat's parent company, Tencent.

Ren Feng Media Tech Inc. is now displayed as the owner of the iflix app on the app stores.


Alfred Lee

24 Jun, 2020

iflix reportedly sold to Wechat's parent company, Tencent. | BEAMSTART News

Streaming video service, iflix, has possibly been acquired by China's Tencent Holdings, according to a report by technology news website, Lowyat.net.

Earlier today, Lowyat.net discovered that the name of the company name displayed on both iflix's Google Play and App Store pages has now been updated to Ren Feng Media Tech Inc, a subsidiary of Tencent Holdings.

iflix app is now listed under Renfeng Media Tech Inc.

Earlier this month, news broke out that iflix was searching for a potential buyer as the company's losses continued to increase, reportedly having just $12.7 million in cash reserves as of September 2019. 

According to the report, iflix declared a net loss of $158.1 million in 2018, and as of September 2019, the company had just $12.7 million in cash reserves.

The iflix app.

This acquisition is likely very beneficial to Tencent, as the company will now have a new avenue to distribute China-produced content in the SouthEast Asian region via iflix.

iflix users have also often expressed discontent that the streaming service lacked much international content, making it less compelling to Netflix.

This could all change if Tencent has taken over the company, and the beginning of much more Chinese content in SouthEast Asia.

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Full-Stack Developer

Hyper Online

San Francisco, United States

Full Time

Salary Undisclosed

Senior Product Manager, Employee Benefits

Newfront

San Francisco, United States

Full Time

USD 176000 — USD 220000 yearly

Scientific Project Manager

Actipulse Neuroscience

Mexico City, Mexico, United States

Full Time

USD 31000 — USD 38500 yearly

Technology Innovation Lead

Vendease

Lagos, Nigeria, United States

Full Time

USD 3000 — USD 5000 yearly

Growth and Sales Lead at Stealth Commerce Company

Terrasoft

Los Angeles, CA, United States

Full Time

USD 80000 — USD 200000 yearly

K-12 Sales Representative, Upper Midwest

Edpuzzle

San Francisco, United States

Full Time

USD 60000 — USD 75000 yearly

Data Science and Engineering Spring/Summer 2023 Internship

Dataherald

Los Angeles, CA, United States

Internship

USD 15 — USD 25 yearly

Director of Product and Commercial Law

CareRev

Los Angeles, CA, United States

Full Time

USD 173000 — USD 276000 yearly

Software Engineer

Riot

Paris, France, United States

Full Time

USD 45000 — USD 100000 yearly

Solution Engineer

Workflow86

San Francisco, United States

Full Time

USD 60000 — USD 90000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2023 BEAMSTART. All Rights Reserved (Legal).