Iflix has sold its remaining stake in Kwesé Iflix, its African business to Econet Global Limited, the parent company of Kwesé. Iflix said in a statement the move will allow it to focus its resources on core Asian markets where it leads the VOD market.
The sale follows the announcement in November in which African pay-TV provider Kwesé TV said it would exit satellite pay TV to focus on streaming services. The terms of Econet’s buyout deal of Kwesé Iflix were not disclosed.
“It has been an incredible journey and learning experience, launching our service in Africa,” said Iflix co-founder and CEO, Mark Britt.
“The acquisition by the Econet Group, our regional partner and Africa’s leading broadcast network, is a significant milestone for the African business, and further reinforces Iflix’s commitment to our core markets in Asia – particularly Indonesia, Malaysia and the Philippines which continue to grow from strength to strength.”
Econet Global CEO, Hardy Pemhiwa, said: “The conclusion of our acquisition of Iflix Africa, is a natural progression for our revised business strategy as a group, particularly the Kwesé business which offers premium broadcasting services.
“With the immense growth and positive uptake of VOD and OTT services across the continent, we believe connected services – particularly mobile – is the future of broadcasting in Africa.”
Iflix launched its service in sub-Saharan Africa in June 2017 and announced its partnership with Kwesé in August 2017.
Subsequently, Kwesé acquired a “significant stake” in Iflix Africa in Feb 2018 and rebranded the service to Kwesé Iflix in June of that year while expanding across East and Southern Africa.