Hooq Files for Liquidation

Asian streaming service Hooq has filed for liquidation, five years since its launch.

Lim Siew Soo and Brendon Yeo Sau Jin have been appointed as liquidators, with a shareholder and creditor meeting planned for April 13.

The company has not been able to grow fast enough to provide returns to investors or cover its content and operational costs.

“Global and local content providers are increasingly going direct, the cost of content remains high and emerging market consumers’ willingness to pay has increased only gradually amid an increasing array of choices,” Hooq said in a statement.

The platform had evolved its model in line with the realities of the AsiaPac business over the last few years, shifting from SVOD only to a freemium proposition and betting big on local content.

Hooq was launched in 2015 with the backing of Singtel (majority shareholder), Sony Pictures Television and Warner Bros., focusing on the Philippines, Thailand, India, Indonesia and Singapore.

The suddenness of the liquidation has come as a surprise to industry insiders given the pivots Hooq has made over the last few years to address the particular challenges of the Southeast Asian markets.