Online streaming service HOOQ has shut down operations as of April 30, as it files for liquidation. HOOQ announced the shutting down on its website and has said that it will not be able to process refunds since it is in the process of insolvency. It filed for insolvency on March 27.
HOOQ has said that it has stopped subscription renewals and billing charges so accounts of users will not be charged henceforth. All current and active subscription stand terminated as on April 30.
In India, HOOQ streamed DC superhero TV series including the likes of Legends of Tomorrow, Arrow, The Flash, and Supergirl. It had also sublet some of its catalogue to Hotstar. However, as per reports, these shows are not streaming on Hotstar anymore as well.
HOOQ, which was founded in 2015, was a joint venture between Singtel, Sony Pictures Television and Warner Bros Entertainment. Headquartered in Singapore, it operated in Singapore, the Philippines, Indonesia, Thailand and India.
As per a report in Channel News Asia, Singtel has an indirect 76.5% stake in HOOQ.
The streaming platform reportedly filed for liquidation as it wasn’t able to take on rivals such as Netflix and hence wasn’t able to make enough returns to cover escalating 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 amidst an increasing array of choices. Because of these changes, a viable business model for an independent, over-the-top distribution platform has become increasingly challenged," Channel News Asia quoted the company as saying.
“We’re taking this time to give our thanks, and we appreciate the support for all the times you made us a part of your lives. Five countries, countless hours of entertainment, over 80 million subscribers – and a priceless experience for all of us here at HOOQ,” HOOD said in the message on its website.