Singtel-owned video streaming service HOOQ Digital stated at this time (27 March) that it’s submitting for liquidation.
HOOQ was a three way partnership created by Singtel, Sony Footage Tv and Warner Bros Leisure in 2015, and Singtel until at this time holds an oblique 76.5 per cent efficient stake.
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It additionally entered a partnership with Seize in 2019 to offer on-demand video streaming on the Seize app, then boasting 10,000 hours of content material for Seize customers to take pleasure in.
HOOQ stated it has struggled to make sustainable returns and canopy escalating prices of content material and protecting its platform operational.
It cited “important structural adjustments” within the over-the-top (OTT) video market making it more durable to outlive on this extremely aggressive panorama.
For one factor, international and native content material suppliers have been more and more going on to viewers, giving viewers a rising number of decisions.
The price of content material has additionally remained excessive, whereas in distinction, shoppers’ willingness to pay has “elevated solely step by step”, stated HOOQ.
HOOQ will maintain a shareholder assembly and a creditor assembly on April 13.
Its liquidation is just not anticipated to have any materials influence on Singtel’s internet tangible belongings or earnings per share, the telco stated in its regulatory submitting to the inventory alternate.
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