Hooq might be dead
5 years after it launched in Southeast Asia, Hooq, the video streaming service owned by Singaporean telco Singtel, has filed for liquidation.
According to a report by Reuters, the streaming service said that it had not been able to grow sufficiently to provide sustainable returns or cover escalating costs.
The service first launched back in 2015, where Netflix was only starting its Southeast Asian expansion. Hooq did battle with iFlix, another video-streaming service launched in the region.
While iFlix has enjoyed some measure of success in the region, expanding to 13 countries including Indonesia, Thailand, Brunei, Sri Lanka, Pakistan, the Maldives, Myanmar, Vietnam, Cambodia, Nepal, and Bangladesh, Malaysia, and Philippines Hooq hasn’t had the same success.
According to the report, the liquidation is not expected to have any material impact on the net tangible assets or earnings per share of Singtel, who has an indirect 76.5% effective stake in HOOQ.