Video streaming platform HOOQ, a joint venture of Singapore Telecomm (Singtel), Sony Pictures Television, and Warner Bros Entertainment, is shutting down on April 30.
According to Kompas.com, the video streaming company will be shutting down because the business cannot cover its operational costs. Additionally, HOOQ Indonesia’s country head Guntur Siboro has stated: “Shareholders have decided to liquidate, for example, SingTel which decided to focus on core business.” HOOQ recently filed for liquidation as reported in March 2020.
According to Guntur, HOOQ has performed well in Indonesia but failed to become sustainable in other countries. They were also hit by the COVID-19 pandemic, paired with the US exchange rate, which made their operational costs higher.
There were no details on existing member’s subscriptions given in the post.
Source: Kompas Via The Jakarta Post
cue bassline… another one bites the dust… ??