Sky to invest $45m in Asian streaming service iflix

Sky has formed a strategic partnership that will see it invest $45m (£31.6m) in Southeast Asian streaming TV service, iflix.

As part of the partnership, the parties will work together to identify areas of future collaboration across the emerging markets in which iflix operates.

Iflix, which launched in May, is currently available to consumers in Malaysia, Thailand and the Philippines, and has already signed up over one million members.

For a small monthly subscription, users have unlimited access to tens of thousands of hours of content from a library of Hollywood, Asian regional and local TV shows and movies. They can watch the service on multiple connected mobile devices including tablets and smart phones.

Chief financial officer Andrew Griffith said: "iflix has quickly established itself as Southeast Asia's most exciting and fastest-growing streaming TV service.

"There are lots of opportunities for Sky and iflix to work together and share expertise as both companies continue to expand. We are really looking forward to supporting Mark and his team deliver their ambitious plans."

At 0915 GMT, Sky shares were down 0.4% to 1,003p.