Kwese Iflix Becomes The Latest Casualty In The Shutdown Of Econet
The expanding shutdown of Econet's divisions keeps rippling through the embattled company with Econet closing the Econet Media division as well, including its Kwesé iflix streaming service as the latest victim of its demise.
Econet has been forced to shut down its entire Econet Media leg where Joseph Hundah has been CEO. According to reports, Econet Media had accumulated more than $130 million in debt in content costs and expensive sports rights.
The Econet Group issued a statement saying that Econet Media Limited had now ceased all its operations with immediate effect.
The statement, however, emphasised and reiterated that the rest of the Econet Group businesses would continue to operate normally because each Econet company is a separate legal entity with its own management team and board.
Econet has not made any mention about its alleged bad management, rapid and reckless expansion plans, cash splurges and bad content acquisition strategies that were all instrumental in Econet Media's downfall, according to sources.
Econet said in July that its pay-TV and TV business had struggled to compete with MultiChoice's DStv and China's StarTimes.