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iflix losing money fast; looking for buyer.

Both the company's co-founders have left as well.
iflix losing money News Asia Today

Popular SouthEast Asia-based video streaming platform, iflix, is reportedly looking for a buyer as the company’s losses continue, according to a report by Nikkei.

iflix, which has often been touted as the “Netflix of SouthEast Asia”, had a net loss of $158.1 million in 2018, and as of September 2019, the company only had $12.7 million in cash reserves left.

The company also laid off an undisclosed number of employees back in April this year, during the height of the pandemic lock-downs.

iflix losing money fast; looking for buyer. 25
Co-founders of iflix, Patrick Grove and Luke Elliot.

iflix was reportedly filing for an IPO back in January, but those plans were put on hold to raise an additional $50 million instead.

In April, both the company’s co-founders, Patrick Grove, and Luke Elliot, resigned from the company.

While it is uncertain what the future of iflix may look like during this turbulent economic conditions, it is reported that the company is targeting to close the acquisition deal by end of the month, with potential buyers from China.

Jia Suriyanto
Indonesian Journalist at News Asia Today. I cover the latest news and stories on Indonesia, particularly on business.