Iflix nets investment from partnership with Indonesian media company

Video-streaming service iFlix has secured an undisclosed amount of investment from Indonesian media company MNC as the two entities form a strategic partnership.

From left: Mark Britt, co-founder and group CEO of iFlix; Hary Tanoesoedibjo, group chairman of MNC Group; Patrick Grove, co-founder and chairman of iFlix; Ella Kartika, managing director of PT Media Nusantara Citra Tbk; David Fernando Audy, CEO of MNC / Photo credit: iFlix

Under the deal, iFlix will acquire roughly 10,000 hours of content from the media company’s library of top programs for exclusive streaming. MNC’s content will be available on iFlix for free, just hours following live broadcast, according to a statement. The video-streaming platform currently offers two tiers of service: its subscription service iFlixVIP and its ad-supported tier iFlixFree.

In addition, David Fernando Audy, CEO of MNC, was appointed to iFlix’s advisory board. Audy said the company decided to invest in iFlix as it expects the platform to “grow significantly in the near future.”

Earlier this year, iFlix entered into a similar strategic agreement with Japanese media and entertainment group Yoshimoto Kogyo. The two companies also formed a joint venture to produce localized versions of “proven content formats” from Japan and to distribute iFlix’s existing content in the country.