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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.


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.

ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

ALSO MENTIONED IN THIS POST

iflix

Iflix is an online entertainment service for emerging markets.

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Tencent

Tencent is a Chinese internet service portal offering value-added internet, mobile, telecom, and online advertising services.

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