Over the past few months, there have been signs that iflix is currently going through a rough time and reports then begin to emerge that the Malaysian-based video streaming service is looking for a suitor.
Fast forward to yesterday, we have then noticed the developer’s name for iflix mobile app has been changed to Renfeng Media Tech Inc. who is a subsidiary of Tencent. It was the biggest sign that iflix may have found the buyer that it is looking for.
Today, the acquisition has finally been made official by the giant Chinese tech company. According to a media statement, Tencent has decided to acquire iflix’s content, technology, and resources to help increase its presence in the region.
The company is also using iflix’s catalogue to expand its video streaming service, WeTV within Southeast Asia. Tencent did not reveal further details behind its iflix acquisition but according to Variety’s industry sources, iflix’s brand will continue to live on for at least 6 to 12 months.
Given the reason behind the acquisition, we would not be surprised that if Tencent decides to rebrand the Malaysian streaming service to WeTV very soon.