Online content streaming site iflix has let go of its stake in the Africa market, selling its business to Econet Global. iflix first announced the launch of its service in sub-Saharan Africa (SSA) in June 2017 and the company claims to have seenâ€śeight months of rapid growthâ€ť.Â After which, it joined forces with Econet Global, which saw the international group with pan-African origins acquire a significant stake in iflix Africa. Subsequently, iflix Africa rebranded as KwesĂ© iflix, expanded into East and Southern Africa.
iflix co-founder and CEO, Mark Britt, said, â€śIt has been an incredible journey and learning experience, launching our service in Africa. The acquisition by the Econet Group, our regional partner and Africaâ€™s leading broadcast network, is a significant milestone for the African business, and further reinforces iflixâ€™s commitment to our core markets in Asia, particularly Indonesia, Malaysia and the Philippines which continue to grow from strength to strength.â€ť
The completion of this transaction follows Econetâ€™s recently announced decision to de-emphasise its KwesĂ© TV direct-to-home service in order to refocus the business towards a digital future. Chief executive officer of Econet Global Limited, Hardy Pemhiwa, said the conclusion of the acquisition of iflix Africa, is a natural progression for the company’s revised business strategy as a Group –Â particularly the KwesĂ© 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 â€“ particularly mobile â€“ is the future of broadcasting in Africa,â€ť he said.