Catcha As Catcha-Can: Grove’s iFix Trounces Netflix In Asia
Singapore-born Patrick Grove, pictured, claims his iFlix outfit is comfortably beating international Netflix in bringing streaming video to people in a number of South-East Asian nations.
IFlix is said to be now available in 19 Asian nations and to be closing in on five million paying customers and an annual revenue of more than A$127 million.
It is run by Grove, an entrepreneur who emphasises its low cost compared with Netflix, claiming the cost per month at just $2 is roughly equivalent to the cost of a pirated DVD.
“You can choose to buy a pirated DVD or have 10,000 hours of great amazing content in your phone,” he says.
IFlix last week announced plans to raise A$168 million, led by the US Heart group, potentially valuing iFlix at $700 million, with Grove’s Catcha Group still the No. 1 investor.
Catcha is listed on the ASX. Grove’s current net worth has been put at A$587 million.