Staff Reporters
Mar 30, 2020

Singtel-backed OTT service Hooq enters liquidation

Streaming-video provider cites competition from direct-to-consumer services launched by major content companies.

Singtel-backed OTT service Hooq enters liquidation

Singtel is pulling the plug on Hooq, the streaming service it launched with Warner Bros. and Sony Pictures in 2015.

In a release Friday, Singtel, which owns a controlling stake of 76.5%, said it has “commenced a collectors’ voluntary liquidation”, which is not expected to have any material impact on Singtel's business.

Hooq operates in Singapore, Thailand, Indonesia, India and the Philippines and claimed to have 80 million users.

In a statement, the company echoed issues raised in our recent look at the viability of Asia's native streaming services (see "OTT platforms in Asia face profit challenges").

“Global and local content providers are increasingly going direct, the cost of content remains high, and emerging-market consumers’ willingness to pay has increased only gradually amid an increasing array of choices,” a Singtel statement said. “Because of these changes, a viable business model for an independent, OTT distribution platform has become increasingly challenged. As a result, HOOQ has not been able to grow sufficiently to provide sustainable returns nor cover escalating content costs and the continuous operating costs of an independent OTT distribution platform."

Related Articles

Just Published

17 hours ago

40 Under 40 2022: Mo Moubayed, Veridooh

He entered the media industry and founded Veridooh to revolutionise out-of-home advertising, advocating for it to be more people-, data- and environment-centric.

18 hours ago

Move and win roundup: Week of January 30, 2023

Kickstart your week with news of people moves from Ogilvy Indonesia, Grab, Kantar, SevenRooms and more, in our weekly roundup.

19 hours ago

ChatGPT in advertising: Will clients pay the same ...

ChatGPT is being hailed as the future of digital advertising, but experts warn that it may be an overstatement at this stage. How should agencies and their clients approach ChatGPT?

1 day ago

Global CCO Alex Lopez to leave McCann as Harjot ...

Changes announced by Daryl Lee.