Hooq, a five-year-old on-demand video streaming service that aimed to become
?Netflix for Southeast Asia,? has shut down weeks after filing for liquidation
and terminated its partnerships with Disney?s Hotstar [https://www.hotstar.com/] , ride-hailing giant Grab, and Indonesia?s VideoMax [https://www.videomax.biz/].
Hooq Digital, a joint venture among Singapore telecom group Singtel
[https://www.singtel.com/] (majority owner), Sony Pictures
[https://www.sonypictures.com/], and Warner Bros Entertainment
[https://www.warnerbros.com/], discontinued the service on Thursday. It had
amassed over 80 million subscribers in nearly half of the dozen markets in Asia.
?For the past 5 years, we gave you unbelievable thrills, heartrending drama,
roaring laughs, awesome action, and more. Our goal was to bring you the best
entertainment from here to Hollywood. Our hearts are full of gratitude for all
of you who shared the journey with us,? it says on its website.
Hooq publicly disclosed that it had raised about $95 million, but the sum was
likely higher. News outlet The Ken analysed the regulatory filings?last month to
report that Hooq had raised $127.2 million, and its losses in the financial year
2019 had ballooned to $220, suggesting that it had received more capital. The
streaming service said last month that it could not receive new funds from new
or existing investors.
The service counted India, where it entered into a partnership with Disney?s
Hotstar in 2018 and telecom operators Airtel and Vodafone, as its biggest
market. The company also maintained a partnership with ride-hailing giant Grab
to supply content in its cab, and VideoMAX in Indonesia.
Hooq brought dozens of D.C. universe titles including ?Arrow,? ?The Flash,?
?Wonder Woman? and other popular TV series such as ?The Big Bang Theory? to its
partners. In India, users began noticing last week that those titles were
disappearing from Hotstar.
A spokesperson of Hooq told TechCrunch [https://techcrunch.com/] today that its
tie-ups with all its partners including Hotstar have closed. A Hotstar
spokesperson did not respond to a request for comment.
?Our focus is mostly on localization of entertainment content; whether it is
subtitling or dubbing, we are constantly looking to bring more content to our
viewers faster. My role also expands to localization of our platform and any
type of collateral information that helps create a unique experience for our
users,? he told the outlet.
Source: TechCrunch [https://techcrunch.com/]
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