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Tencent Buys iFlix Assets as part of its SEA Expansion

It also plans to buy a stake at rival iQIYI

Internet giant Tencent Holdings announced that it is buying select assets of iFlix—which includes content, technology, and resources—as part of its efforts to expand into the Southeast Asia market. This development should help iFlix, as it incurred losses as an effect of the COVID-19 pandemic.

“This is in line with our strategy to expand our international streaming platform, WeTV, across Southeast Asia and provide users with international, local and original high-quality content in a wide range of genres and languages,” Tencent said in a statement.

Tencent’s acquisition of iFlix comes in light of reports that it plans to buy a large stake at rival iQIYI, though both parties have declined to comment on the matter.

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