Iflix: The Netflix for emerging markets“We can revolutionise how movies and TV are consumed,” say Iflix CEO Mark Britt (left) and founder Patrick Grove. Image: Charles Pertwee for Forbes. Patrick Grove is leaning against the pool table in Catcha Group’s headquarters in the Mid Valley mall- lands of Kuala Lumpur. The internet pioneer has started company after company, but today he’s doing something different—he’s plugging a local tailor shop.

I’ve worn a suit twice in the past five years,” he jokes. To get married… and divorced.”He was getting an award at a gala dinner that night, but he had left his only suit at his second home in Singapore. A call to the tailor produced an offer: Tape a promotional video for the shop and a bespoke suit would be his for free. So here he was, being asked by a cameraman to describe himself. I’m proudly from Southeast Asia,” Grove says.

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I want to create a great company that goes global and disrupts an entire industry.”The company is two- year- old Iflix. The industry is subscription video- on- demand. Grove is targeting developing countries, and Iflix, part of his Catcha Group, is now operating in Malaysia, Indonesia, Thailand, the Philippines and elsewhere. Iflix offers unlimited viewing of 2. DVD. That’s usually between $2 and $3, depending on the country. The content comes from more than 1. Disney, Paramount, Sony, the BBC and Media Prima, and it’s subtitled or dubbed in each country’s languages.

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The elevator pitch for a potential investor might begin with “the Netflix for emerging markets”. But Grove and Iflix chief executive Mark Britt rush to clarify why Iflix is not really like Netflix and why the US service isn’t their main rival. Pirated content is.

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They estimate that people in emerging markets spend roughly $6 billion a year on counterfeit DVDs. And that doesn’t include losses from online video channels streaming unauthorised content and illegal downloads from “torrent” sites. We want to revolutionise internet TV,” Grove says. When I look at the ecosystem of piracy, You. Tube, free internet TV, cable, it’s such a broken system.

It’s going to take 2. I think we can revolutionise how movies and TV are consumed over the internet in emerging markets.”Grove is only 4. The dotcom baby who in 2. Living his motto of ‘Disrupting Things Daily’ (it’s the tagline on his emails), he launched four Malaysian companies on the Australian Stock Exchange and one on Bursa Malaysia.

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In November 2. 01. News Corp company at a valuation of $5. With his stakes in Iflix and three other online companies under his Catcha Group, plus the cash from various sales, Grove ranks No 3. Forbes Asia’s list of Malaysia’s wealthiest. His estimated net worth is $4. I love creating disruptive companies with talented people. I want to be great at it.

It’s the sport that I play. The Iflix pitches have raised at least $1. Kuwait’s Zain Group, Los Angeles- based Evolution Media Capital and Catcha itself contrib- uted to this round, along with Europe’s Sky TV, which upped its stake after kicking in $4. March. Grove says Iflix’s valuation is now “north of $5. But hundreds of millions more will be needed. The cash burn in [subscription video] cannot be underestimated, especially in content costs,” says Vivek Couto, executive director of Singapore research house Media Partners Asia.

Through various rounds you probably have to spend at least $5. Watch Wingman Inc. Vioz. Southeast Asia.” And that doesn’t include Iflix’s plans to invade markets in South Asia, the Middle East and Africa.

Grove and Britt won’t say how much they believe they need to raise. They also won’t talk publicly about the size of Grove’s stake, how much revenue they expect to generate this year and how big a loss will be incurred. Couto reckons that if total subscription- video revenue in Southeast Asia reaches $1.

Iflix’s share might be 3. Subscription- video revenue worldwide might reach $2. London- based Digital TV Research, and the race is on to capture chunks of this business.

In East Asia, Iflix faces rivals backed by heavyweight players such as Singtel- Sony’s Hooq, PCCW’s Viu and others. None of them, however, is publicly striving for 1 billion subscribers by 2. Iflix is. (It has only 4 million now.) It may take years, but Grove and Britt believe that aside from two or three giants, there will be just a few smaller global outfits providing a less expensive, local array of content to the new middle classes of developing countries. Iflix plans to be one of them and to dominate in more than 5. The analogy may be the ride- hailing industry.

The assumption in the US was that in its expansion  overseas, Uber was invading virgin markets and would be encountering little local competition. That turned out not to be true. Now US investors see Netflix as the pioneer as it expands abroad, but it’s finding local rivals already in place. As long  as you can execute faster and nimbler, you’ll always build a better business than the American that everybody fears is coming to these markets,” Grove says. We’re customised for each market.

We’re appealing to every demographic. In Indonesia, 5. 0 percent of our movies and shows are Indonesian.

Pakistan and Indonesia are both Muslim countries, but only 2. Iflix content overlaps.”All too familiar with erratic internet speeds in parts of Asia, Grove has insisted since Iflix’s first national launches in 2. Videos have to be downloadable  to a phone or tablet for offline viewing on those devices or on a TV. The download feature is something that he says Western companies, assuming that a single concept will work everywhere, might not think of: “We were the first ones in the world to do downloading.” Netflix, which had entered most of the world’s markets by early last year, introduced the feature only last November. Iflix’s most popular titles, from left, in Indonesia, the Philippines, Thailand and Malaysia.

Iflix works with government regulators and censors before launching around the world. Netflix launched simultaneously with one- month free trials in nearly every country it hadn’t entered yet—without government approvals, going through censorship boards or considering technological hurdles with payments and streaming—and encountered something of a backlash. Netflix did not respond to requests to comment. In contrast, Iflix works with government regulators and censors before launching in each country. For Vietnam, which Iflix plans to enter in the next few months, this has entailed getting censors’ approval for every episode of every TV series.

Iflix plans to follow the Netflix model, however, by creating its own local TV series and movies. Iflix Arabia will launch the first two Iflix productions, featuring some top Middle Eastern stars, in coming months. To solve the problem of getting customers to keep finding more shows to watch, Iflix has harnessed the power of celebrities, such as Philippine singer Karylle Tatlonghari, Indonesian actress Michelle Ziudith, Thai comic Note Taepanich and Malaysian musician Afdlin Shauki. They compile favourite playlists and keep their fans updated through social media, and in return they receive small equity stakes in Iflix. Long before getting into the details of content, pricing and technology, however, Grove and Britt had to convince investors of the potential of their concept. The opportunity was in a young demographic in developing countries that was coming of age with the expectation of video- on- demand, not on a schedule, and whose first and default internet connection would be a mobile device.

Markets such as Morocco, Myanmar, Pakistan and Nigeria are very different, says Britt, yet are similar in that “paid- television penetration is low and internet connectivity is leapfrogging ahead—in some instances going from no connection at all straight to 4.

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