JAKARTA. HOOQ Digital, a video streaming platform that is partly owned by Singapore Telecommunications Ltd or Singtel, is facing a threat of liquidation because it cannot cover its operational costs.
In a report released by Reuters, HOOQ was said to be unable to provide sustainable returns to SingTel, its majority shareholder (76.5%).
For information, HOOQ's business began in 2015 as Singtel's digital business line. This business was started jointly with Sony Pictures Television and Warner Bros Entertainment. However, HOOQ can't compete with its competitors, like Netflix.
In Indonesia, HOOQ has partnered with a number of cellular telecommunications operators including Telkomsel, Indosat Ooredoo, XL Axiata, Hutchison 3 and Smartfren. This cooperation took place since the second quarter of 2016. (KR/AR)