TV2U is hoping to leverage the FIFA World Cup for Indonesian sales
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Internet TV wannabe TV2U has signed a new streaming agreement covering sport in Indonesia ahead of the FIFA World Cup.
TV2U says it will stream premium content through its platform to subscribers of Indosat Ooredoo – a big telecom service provider in Indonesia.
The deal would run for three years under a revenue-share arrangement. TV2U would supply the platform and applications for Indosat’s subscriber base of some 100 million pre-paid and post-paid users.
The TV2U service would be branded as iStream in Indonesia.
Shares in the company were trading up 15 per cent on the news at 1.5c.
TV2U said customers could watch through an app on Google Android or Apple devices – or via a web browser – getting access to live games as well as recaps and content from the Indosat editorial team.
It is not yet a done deal though. Key terms were expected to be agreed in the next few days in the lead up to the World Cup next month.
TV2U’s Indonesian partnerships are its only money-earner at the moment.
The company clocked in $50,000 in cash receipts in the last quarter from a partnership to launch its “Over The Top” Internet streaming content platform SMARTFREN.
Last month, it told the market its team in Jakarta was finalising technical requirements prior to launch, and were undertaking marketing strategies.
At the end of the quarter, TV2U had $1.1 million left in the bank – with estimated outgoings of $1.2 million planned for the coming quarter.
The company has other balls in the air.
In February, TV2U signed a letter of intent to acquire Slim Pack — a Brazilian digital content creator — as a replacement for content supplied by former partner CCS TV.
As well, it shared a proposed deal with Wirelink to distribute its services in the North and North-East of the country.
But they are still yet to sign on the dotted line.
TV2U has continued to update shareholders on proposed deals with partners in Brazil and Indonesia since listing in 2016 — though cashflow has been slow to follow.