We all know about streaming services like Netflix and Amazon Prime. I mean, they’re pretty iconic and they’re just filled with so many shows. Many of us can probably just binge watch a few seasons of a show in just one seating.
Especially during this period where most of us are staying at home to avoid the highly contagious and deadly COVID-19 infection.
But how many of you know about the Singtel streaming service, HOOQ Digital?
Heck, even I didn’t know about it until I was asked to write about this today.
If you know about HOOQ, and you use it as a platform to stream shows instead of Netflix and Amazon Prime, well, here’s some really bad news for you.
It’s time to switch platforms, because…
HOOQ, The Streaming Service by Singtel That No One Knows About, is Closing Down
Yep, HOOQ is closing down.
According to a statement by them, it is filing for liquidation because it hasn’t been able to grow sufficiently to provide sustainable returns or cover escalating costs.
Basically it hasn’t been making much money. Then again, with big players like Netflix around, it’s hard for any other streaming platforms to survive, don’t you think? Plus, pretty much everyone I know uses Netflix instead of anything else, so I think that in itself says a lot.
HOOQ revealed, “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 amidst an increasing array of choices.”
That’s true, how many of us are willing to spend much more just to stream videos that you’ll probably be able to find on another site either for much cheaper or for free? All of us were already complaining when we found out that there was going to be GST on top of what we already pay for Netflix.
They added, “Because of these changes, a viable business model for an independent, over-the-top distribution platform has become increasingly challenged.”
There is most likely not going to be any material impact on the net tangible assets or earnings per share of Singtel because of the liquidation. After all, Singtel only has an indirect 76.5% effective stake in the streaming service.
What Is HOOQ?
So here’s a little background knowledge of HOOQ, just to commemorate its life as a streaming platform.
I guess it’s true when they say that people only start to think about you when you’re gone. Time to treasure everything you have!
It was started as a joint venture in 2015 between Singtel, Sony Pictures Television and Warner Bros Entertainment.
Clearly, they had plans to grow as big as other streaming platform giants, but sadly, even after five long years, they were unable to make major gains because of the rapid expansion of Netflix into Singapore.
HOOQ was a part of Singtel’s group digital life segment, a way for them to expand outside of their usual telecom services, but I guess, maybe it’s best that Singtel focuses more on their telecom services and improve on that. After all, that’s what they’re most well-known for, right?
And lest you’re wondering, the monthly fee for the service is was $7.98.