Hooq’s decision was made as the company was unable to cover its increasing operating costs. The joint venture between Singapore telecom group Singtel, Sony Pictures and Warner Bros Entertainment has stated that it has not received any new funds from new or existing investors.
“A viable business model for an independent, OTT distribution platform has become increasingly challenged,” a Hooq spokesperson said in a statement. “As a result, Hooq has not been able to grow sufficiently to provide sustainable returns nor cover escalating content costs and the continuous operating costs of an independent OTT distribution platform.”
The company will hold a meeting with is shareholders and creditors on April 13.
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