Video-on-demand streaming media provider iflix has inked a $30-million round of funding with international investment firm Catcha Group and Philippine Long Distance Telephone Company (PLDT), Philippines' leading telecommunications provider.

According to a statement released on Wednesday, the fund will be used to launch iflix to key Southeast Asian markets such as Malaysia, Thailand, Philippines, Indonesia, and Vietnam throughout 2015. Furthermore, it will also be used to acquire rights to new content, produce original programming, and marketing.

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"We are excited to join forces with such an outstanding regional partner who shares our vision. The new funds will allow us to execute our plan to deliver thousands of hours of entertainment for a low monthly price to the 600 million consumers in the region," said iflix Chairman Patrick Grove.

PLDT Chairman Manuel V. Pangilinan echoes Grove's optimism.

"We are very bullish about the prospects of the iflix service which has been designed to address the preferences and demands of the rapidly expanding Asian Market. PLDT looks forward to working with iflix to grow its business and introduce new media services that will further fuel the demand for broadband and mobile access in the Philippines and across Southeast Asia," he said in the same statement.

The Kula Lumpur-based video streaming company's services are already available in Hong Kong, Seoul, Shanghai, and Tokyo. Very much like Netflix, iflix offer consumers more than 10,000 hours of top U.S., Asian regional, local TV shows, and movies. It also allows subscribers to access iflix on five devices and download content to your gadgets such as tablets, mobiles, computers, or television set. 

"There is a seismic shift taking place in the global entertainment landscape. We believe iflix is perfectly positioned to capitalize on this incredible opportunity," Grove added.

With the Asian consumers tired of Netflix's exclusivity to the US, Europe, and Latin America, the upcoming launch of iflix will be more than welcome to satisfy the audience's frustration. 

Tagsnetflix, iflix, video streaming service, PLDT, iflix launch