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

1 minute ago

R/GA drives launch of new ComfortDelGro app, Zig

During the pandemic, the IPG-owned shop rapidly built what it calls a new online city concierge service for the Singapore transport company.

2 hours ago

Event Marketing Awards shortlist released

See the agencies and campaigns set to compete to win in the fifth edition of the EMAs. The winners will be announced March 30.

2 hours ago

WPP's Mark Read and WBA's Aron Radelet: Behind the ...

The CEO of the world’s largest marketing services holding company and CCO of the world’s largest pharmacy unpick one of last year’s biggest pitches.

2 hours ago

Fearless Girl shatters glass ceiling beyond the ...

State Street Global Advisors celebrates International Women’s Day with a revamped art installation for the famous ‘Fearless Girl.’