Patrick Grove will be tired of the Netflix comparisons, however they’re not going away anytime soon.
The Malaysian internet mogul will be one of the founders of Iflix, a video-on-demand service with more than 5 million subscribers in Asia.
Grove says emerging markets, where the startup has big plans to expand globally, are a different game when the item comes to video services. Connection speeds along with also prices are a lot lower.
“There’s very, very different behaviors from the way of which people consume content,” he told sy88pgw’s Richard Quest.
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Rather than streaming video on a big screen TV, many people in Southeast Asia along with also additional emerging markets use their phones.
“The smartphone has become the primary entertainment device,” Grove said. “So when I look at what we’re doing … we’re not redefining TV, we’re redefining mobile entertainment.”
The Iflix service will be designed to enable users to stream or download shows even at low internet speeds.
Some big global names have bet money of which Iflix knows what the item’s doing. Since the item was set up two years ago, the item’s raised a total of $170 million via investors including MGM, Rupert Murdoch-affiliated broadcaster Sky along with also John Malone’s Liberty Global (. )
however Iflix faces competition via Netflix (, which announced a big international expansion at the start of last year. , Tech30)
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Grove thinks Iflix’s roots in Southeast Asia gives the item a better understanding what users in its key markets want.
“I think the item’s being respectful of local customs, local religions, local languages, local cost points, local ways to pay,” he said.
Iflix will be cheaper than Netflix, costing $2 to $3 a month (or about the cost of a pirated DVD, the company notes). along with also customers can pay their subscription fees through their cell phone bills.
Iflix has so far gone live in 10 countries, including the Philippines, Malaysia along with also Pakistan. along with also the item’s expanding farther west, with plans to launch in parts of Africa along with also the Middle East soon.
the item’s just one of Grove’s internet businesses. His investment firm, Catcha Group, has stakes in dozens of companies, including online classified ads along with also auto websites.
Catcha has more than $1 billion of assets under its umbrella, along with also Grove will be estimated by Forbes to be worth around $400 million. however he says he’s motivated by a lot more than just money.
“I want to prove of which people via This particular part of the planet, we’re smarter than people in Silicon Valley, we’re as talented as people in Silicon Valley, we’re as creative, we can execute ideas just as fast,” he said.
— Michala Sabnani contributed to This particular report.
sy88pgw (Hong Kong) First published April 25, 2017: 3:08 AM ET