Starz Play Arabia raises $125 million in funding
Starz Play, the fastest growing on-demand video streaming service in the Mena region, on Tuesday announced the service has raised a total of $125 million since inception.
The new funding also includes new 2017 commitments from global industry investors Starz, a Lionsgate company, State Street Global Advisors, in its capacity as an advisor and manager of private equity, and media and technology investment firms SEQ Capital Partners and Delta Partners.
The new investment funds will go towards enhancing Starz Play's customer experience, acquiring new programming and strengthening its position as the region's leading digital video platform. Since launching in 2015, Starz Play has amassed more than 700,000 paying subscribers.
"In recent months, Starz Play has introduced several service enhancements, including a download function for offline viewing, expanded telecom partnerships in North Africa and expanded content partnerships to all major Hollywood studios," says Maaz Sheikh, CEO of Starz Play.
Chris Albrecht, Starz president and CEO, said: "As the first Starz-branded service outside of the US, the success of Starz Play in the Mena highlights the tremendous growth potential we see for on-demand video streaming services in this competitive market. As a result, Starz and our partners SSGA and SEQ Capital Partners continue to evaluate future opportunities to expand the service in new territories outside of the Mena."