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Hooq Enters liquidation

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Saichaitanya4496

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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
“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."

Singtel-backed OTT service Hooq enters liquidation | Advertising | Campaign Asia
 

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Whole of DC's, CW, Sony and WB content is now free to acquired. Praying for Prime to acquire the content.
 

Saichaitanya4496

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The more will be decided on April 13 in a Shareholders meeting.

The company has said it will be holding a shareholders’ and creditors’ meeting on April 13 and in the meanwhile, Lim Siew Soo and Brendon Yeo Sau Jin are the provisional liquidators who will be overseeing interim operations

Warner And Sony-Backed Hooq Files For Liquidation
 
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Sparker0i

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This is so sad. Can't watch Hooq content anymore on Hotstar premium. Just hoping they dont increase the price for already existing users when Disney+ launches.
 

Sumo

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Bros what will happen to their existing subscribers those who opted for their app. As I have subscribed for it in the month of January 2020. Do they come up with cashback offers?
 

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This is so sad. Can't watch Hooq content anymore on Hotstar premium. Just hoping they dont increase the price for already existing users when Disney+ launches.

Well, Hotstar would somehow get more content but i m more worried about airtel xstream as they will lose out much content and little hope to get most of it back. Let's see who gets these, Prime Video might be the one
 

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Hooq has no aim. Even in India, they had own app but shared contents with Hotstar and Airtel Xstream. Also didn't went for a collaboration with SPNI.
 
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Saichaitanya4496

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Well, Hotstar would somehow get more content but i m more worried about airtel xstream as they will lose out much content and little hope to get most of it back. Let's see who gets these, Prime Video might be the one
Yeah I agree, Hooq is not a major content feeder to Hotstar compared to other content providers. I guess anyhow they won't loose the content till the deal expires unless and until the service itself is closed. Liquidation could mean someone would sweep in buy the whole company itself. I guess if WB is taking Asian markets somewhat seriously they should buy it as it can be used as a launchpad for HBO max, however it is very unlikely as they are already selling the international rights for Max Originals /Content whomever is already having HBO content deals in place. My guess all these content gonna be wound up on Hotstar or Prime.
 

Saichaitanya4496

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Hooq has no aim. Even in India, they had own app but shared contents with Hotstar and Airtel Xstream. Also didn't went for a collaboration with SPNI.
Sony is not a major investor in Hooq. Singtel has the controlling interest. They shouldn't have launched in India as a service. Instead they could have made content deals just like what they have now which would have more than enough for generating revenue.
 

Saichaitanya4496

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Variety explaining about Hooq progress in last 5 years

Neither Singtel nor Hooq have responded to requests for comment by Variety to explain the decision, or to clarify the details of Hooq fundraising over the company’s five-year existence.The simplest explanation for the collapse is that Hooq was under-capitalized. It was established in 2015 and began operations the following year, with Singtel owning 65% and the two Hollywood studios holding 17.5% each. A capital draw-down in February 2018 disclosed that Hooq raised an initial $70 million in 2015 and that the new funding round lifted that to $95 million.

It appears that later that year Hooq raised further funds, but Sony and Warner did not participate — or did not participate in full. At some point in 2018, their stakes were diluted and they no longer sat on Hooq’s board of directors. Last week, Singtel said it had a “76.5% effective interest.”

Hooq May Have Fallen But a Business Case for Southeast Asian Streamers Endures
 
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