HOOQ files for liquidation

Video streaming service company, HOOQ Digital, has filed for liquidation due to inadequate growth and inability to cover escalating costs.

According to a report by Reuters, HOOQ was not able to grow sufficiently to provide sustainable returns nor cover escalating costs.

HOOQ is based in Singapore and was founded in 2015 as a joint venture of Sony Pictures, Warner Bros., and Singtel. It rolled out its services in Singapore, Philippines, Thailand, India, and Indonesia.

Singapore Telecommunications Ltd (Singtel) has an indirect 76.5% effective stake in HOOQ.

The term liquidation, according to Investopedia.com, is “the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.”

source: Reuters