Kwesé Tv has acquired a major stake in iflix Africa to establish foothold in Africa’s SVOD market and trigger a competition with Netflix, Showmax in the region.
This deal was announced by the company in a press statement sent to Business Insider SSA on Wednesday, February 21, 2018. The company said iflix Africa will now form part of Kwesé’s diverse broadcast offering in Africa.
“iflix, the world’s leading entertainment service for emerging markets, and Econet Media’s pan-African media company, Kwesé, are thrilled to announce an expansion of their groundbreaking partnership in sub-Saharan Africa,” the statement reads in part.
“Kwesé has acquired a significant stake in iflix Africa, which will now form part of Kwesé’s diverse broadcast offering, as the core vehicle to deliver seamless mobile experiences to millions of viewers in Africa.”
Kwesé is a the TV brand of Econet Media Group which offers digital content to audience in Sub-Saharan Africa only. Its services are through satellite broadcasting and internet-based platforms, including video-on-demand and mobile options.
Econet Group Founder and Executive Chairman, Strive Masiyiwa said: “We are thrilled to deepen our operating partnership with iflix to lead the transformation of media in Africa.”
“Our companies share a mutual passion for innovation, along with a deep understanding of the culture and evolution of digital businesses. Mobility in content consumption has grown exponentially in Africa and by partnering with iflix Africa we are ensuring that we are not only taking part in the evolution but are leading the movement.”
Iflix boss also expressed a hope that the deal would further enhance growth and acceptability of iflix in Africa.
“The strengthening of our relationship with Econet Group is a huge milestone for iflix. Following the initial phase of building our business in Africa, we have seen tremendous growth across our operating markets, far exceeding our expectations,”Mark Britt, iflix Group Co-founder and Chief Executive Officer said.
Video-on-Demand market in Africa is nascent and its potentials are largely untapped. With the growth in smartphone use among African youths, this deal will position Kwesé Tv as a major player in the sector.
Credits: Business Insider