Hooq

Last updated

Hooq
HOOQ logo.svg
Type of businessPrev. Joint venture
Curr. private company
Type of site
Prev. OTT platform
Curr. OTT meta search platform
Available in English, Thai, Indonesian
Founded30 January 2015;9 years ago (2015-01-30)
Predecessor(s)
Successor(s)
Headquarters
Singapore
Area served
Key peoplePrev. Peter Bithos
(CEO)
Curr. Jay Bae
(CEO)
Products Video streaming
URL https://hooq.tv
Current statusOnline

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. [1] Hooq filed for liquidation on 27 March 2020, and shut down on 30 April 2020. Its assets were acquired by Coupang.

Contents

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. [1] 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. [1] [2] [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. [1] The share structure remained unchanged when it raised an additional US$25,000,000 in 2017. [2] 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]

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Coupang Play (Korean: 쿠팡플레이) is a South Korean subscription-based video streaming service launched by Coupang in December 2020. It is based on the former Hooq's assets. After the SNL Korea 2 content, which lampooned Korean president candidates and congressperson, got viral, it has gained popularity with a reasonable subscription fee compared to other OTT services such as Netflix, Wavve and TVING. Coupang Play is a free benefit of Coupang's WOW membership.

References

  1. 1 2 3 4 5 "Joint venture start-up, to offer a regional over-thetop (OTT) video service in Asia". dealroom.co. March 2015. Retrieved 18 May 2024.
  2. 1 2 3 "Hooq raised additional USD25 million from its shareholders – Omdia". technology.informa.com. Archived from the original on 21 August 2020. Retrieved 1 April 2020.
  3. ↑ "Hooq gets 'On the Job' as a mini-series". 3 June 2016. Archived from the original on 27 December 2020. Retrieved 29 September 2016.
  4. ↑ "Singtel inks JV with Warner Bros, Sony Pictures to distribute videos in Asia". Singapore Business Review. 30 January 2015. Archived from the original on 21 October 2015. Retrieved 1 April 2020.
  5. ↑ "TV streaming services in Singapore: Which should you go for?". AsiaOne. 20 September 2019. Archived from the original on 27 December 2020. Retrieved 1 April 2020.
  6. ↑ "Hooq named best mobile app in Barcelona's GLOMO Awards". Manila Bulletin . Archived from the original on 26 April 2016. Retrieved 29 September 2016.
  7. ↑ Leow, Annabeth (27 June 2019). "Singtel CEO's pay nearly halved to S$3.5m". The Business Times. Archived from the original on 27 December 2020. Retrieved 1 April 2020.
  8. ↑ Lam, Fiona (27 March 2020). "Singtel's video streaming service Hooq in liquidation". The Business Times. Archived from the original on 16 September 2020. Retrieved 1 April 2020.
  9. ↑ "240 staff axed by Singtel's Hooq face uncertain future" . The Business Times. 23 April 2020. Archived from the original on 30 April 2020. Retrieved 30 April 2020.
  10. ↑ "Streaming service Hooq to shut down on 30 April". The Jakarta Post . 28 April 2020. Archived from the original on 5 October 2020. Retrieved 30 April 2020.
  11. ↑ "Indian Arrowverse Fans Left in the Dark as Hooq Shuts Down". NDTV . 30 April 2020. Archived from the original on 30 April 2020. Retrieved 30 April 2020.
  12. ↑ "Singtel-backed streaming service Hooq files for liquidation". CNA. Archived from the original on 27 December 2020. Retrieved 1 April 2020.
  13. ↑ "SoftBank-Backed Coupang Buys Hooq Assets to Take on Netflix". Bloomberg. 9 July 2020. Archived from the original on 10 July 2020. Retrieved 14 July 2020.
  14. ↑ "쿠팡, 싱가포르 OTT서비스 '훅' 인수". ZUM 뉴스 (in Korean). 10 July 2020. Archived from the original on 21 May 2024. Retrieved 21 May 2024.
  15. ↑ 김병규 (21 May 2024). "싱가포르판 OTT '훅(HOOQ)' 디지털 자산 인수…"OTT 메타검색 플랫폼으로 탈바꿈"". 헤럴드경제 (in Korean). Archived from the original on 21 May 2024. Retrieved 21 May 2024.
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