Hooq Explained

Hooq
Type:Prev. OTT platform
Curr. OTT meta search platform
Company Type:Prev. Joint venture
Curr. private company
Location Country:Singapore
Area Served:
Key People:Prev. Peter Bithos

Curr. Jay Bae
Products:Video streaming
Language:English, Thai, Indonesian
Homepage:https://hooq.tv
Current Status:Online

Hooq (stylised in all caps, pronounced like hook) was a Singaporean video on demand streaming service. It was a joint-venture of Singtel, Sony Pictures and Warner Bros., with presence in the Philippines, Thailand, India, Indonesia, and Singapore. Hooq was valued at $420 million dollars. Hooq filed for liquidation on 27 March 2020, and shut down on 30 April 2020. Its assets were acquired by Coupang.

History

Hooq was a joint-venture of Singtel, Sony Pictures and Warner Bros., established on 30 January 2015, when the presence of Netflix in Asia was still limited.[1] An online streaming video platform, Hooq would be able to capitalise on Singtel's reach and distribution to deliver Hollywood movies, television series, as well as local programming to Asian markets. Hooq also produced original content to attract subscribers,[2] starting with a mini-series based on the multi-award-winning movie, On the Job which revolves around a hard-hitting topic in Philippine society.[3]

The platform was progressively launched in the Philippines, Thailand, India, Indonesia, and Singapore over 2015 and 2016.[4] The content on the platform was accessed with a monthly or yearly subscription fee.[5]

Hooq was named Best Mobile App in the Media, Film, TV or Video category at the GSMA's Global Mobile (GLOMO) Awards 2016 in Barcelona.[6]

Due to its fast growing, but loss-making status in Singtel's portfolio, an initial public offering was considered for value realisation in 2019.[7] However, on 27 March 2020, Hooq filed for liquidation, citing "significant structural changes" that had occurred in the over-the-top (OTT) video market and its competitive landscape.[8] Its global headcount of 240 staff was affected and laid off during this liquidation process.[9] Hooq shut down on 30 April 2020.[10] [11]

Ownership

Singtel owned 65 percent of Hooq's shares, while Sony Pictures and Warner Bros. each owned 17.5 percent. The share structure remained unchanged when it raised an additional in 2017. On 27 March 2020, when announced its plans for liquidation, it was revealed that Singtel has an indirect control of 76.5 percent of the company.[12]

In July 2020, South Korean e-commerce company Coupang acquired Hooq's software assets, which are being used as the basis of its own service Coupang Play.[13] [14]

In early 2024, South Korean search engine marketing company Hedley Digital acquired Hooq's digital assets and transformed it into OTT meta search platform form.[15]

Notes and References

  1. Web site: March 2015 . Joint venture start-up, to offer a regional over-thetop (OTT) video service in Asia. . 18 May 2024 . dealroom.co.
  2. Web site: Hooq raised additional USD25 million from its shareholders – Omdia . dead . https://web.archive.org/web/20200821084936/https://technology.informa.com/587905/hooq-raised-additional-usd25-million-from-its-shareholders . 21 August 2020 . 1 April 2020 . technology.informa.com.
  3. Web site: Hooq gets 'On the Job' as a mini-series . 3 June 2016 . live . https://web.archive.org/web/20201227060644/https://www.gmanetwork.com/news/lifestyle/artandculture/568650/hooq-gets-on-the-job-as-a-mini-series/story/ . 27 December 2020 . 29 September 2016.
  4. Web site: Singtel inks JV with Warner Bros, Sony Pictures to distribute videos in Asia . live . https://web.archive.org/web/20151021123155/http://sbr.com.sg/media-marketing/news/singtel-inks-jv-warner-bros-sony-pictures-distribute-videos-in-asia . 21 October 2015 . 1 April 2020 . Singapore Business Review. 30 January 2015 .
  5. News: 20 September 2019 . TV streaming services in Singapore: Which should you go for? . en . AsiaOne . live . 1 April 2020 . https://web.archive.org/web/20201227060645/https://www.asiaone.com/digital/tv-streaming-services-singapore-which-should-you-go . 27 December 2020.
  6. Web site: Hooq named best mobile app in Barcelona's GLOMO Awards . . live . https://web.archive.org/web/20160426183923/http://www.mb.com.ph/hooq-named-best-mobile-app-in-barcelonas-glomo-awards/ . 26 April 2016 . 29 September 2016 . en-US.
  7. Web site: Leow . Annabeth . 27 June 2019 . Singtel CEO's pay nearly halved to S$3.5m . live . https://web.archive.org/web/20201227060643/https://www.businesstimes.com.sg/companies-markets/singtel-ceos-pay-nearly-halved-to-s35m . 27 December 2020 . 1 April 2020 . The Business Times . en.
  8. Web site: Lam . Fiona . 27 March 2020 . Singtel's video streaming service Hooq in liquidation . live . https://web.archive.org/web/20200916043858/https://www.businesstimes.com.sg/companies-markets/singtels-video-streaming-service-hooq-in-liquidation . 16 September 2020 . 1 April 2020 . The Business Times . en.
  9. Web site: 23 April 2020 . 240 staff axed by Singtel's Hooq face uncertain future . subscription . live . https://web.archive.org/web/20200430101143/https://www.businesstimes.com.sg/garage/240-staff-axed-by-singtels-hooq-face-uncertain-future . 30 April 2020 . 30 April 2020 . The Business Times . en.
  10. Web site: 28 April 2020 . Streaming service Hooq to shut down on 30 April . live . https://web.archive.org/web/20201005142157/https://www.thejakartapost.com/life/2020/04/28/streaming-service-hooq-to-shut-down-on-april-30.html . 5 October 2020 . 30 April 2020 . The Jakarta Post.
  11. Web site: 30 April 2020 . Indian Arrowverse Fans Left in the Dark as Hooq Shuts Down . live . https://web.archive.org/web/20200430074816/https://gadgets.ndtv.com/entertainment/news/the-flash-supergirl-legends-of-tomorrow-hooq-shut-down-hotstar-gone-india-watch-online-2220871 . 30 April 2020 . 30 April 2020 . NDTV.
  12. Web site: Singtel-backed streaming service Hooq files for liquidation . live . https://web.archive.org/web/20201227060644/https://www.channelnewsasia.com/news/business/singtel-hooq-liquidation-streaming-service-12582898 . 27 December 2020 . 1 April 2020 . CNA . en.
  13. Web site: 9 July 2020 . SoftBank-Backed Coupang Buys Hooq Assets to Take on Netflix . 14 July 2020 . Bloomberg . 10 July 2020 . https://web.archive.org/web/20200710162725/https://www.bloomberg.com/news/articles/2020-07-09/softbank-backed-coupang-to-buy-hooq-assets-in-asian-video-entry . live .
  14. Web site: 2020-07-10 . 쿠팡, 싱가포르 OTT서비스 '훅' 인수 . 2024-05-21 . ZUM 뉴스 . ko.
  15. Web site: 김병규 . 2024-05-21 . 싱가포르판 OTT '훅(HOOQ)' 디지털 자산 인수…"OTT 메타검색 플랫폼으로 탈바꿈" . 2024-05-21 . 헤럴드경제 . ko.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Hooq".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.