In March 2020, Singapore-based streaming service HOOQ filed for liquidation, effectively shutting down its operations and resulting in the layoff of its entire workforce. The company, a joint venture between Singtel, Sony Pictures, and Warner Bros, had amassed 80 million users across Southeast Asia and India. Despite raising $95 million, HOOQ struggled to achieve a sustainable business model in the competitive over-the-top (OTT) video streaming industry. It cited escalating content costs, the trend of content providers going direct to consumers, and slow growth in subscriber willingness to pay in emerging markets as key reasons for its failure. The liquidation marked the end of the independent platform, which could not secure further investment or cover its operating costs.
