Singapores HOOQ to double up in India

Singapores HOOQ to double up in India
Singapores HOOQ to double up in India

Singapore-based video-on-demand streaming service HOOQ is doubling its India investments and has changed strategy to focus on Hollywood and English premium video content to take on Netflix and Amazon prime, and drive growth in India's highly competitive over-the-top (OTT) video market. Zulfiqar Khan, managing director at HOOQ India, told Indian media: “We are doubling up on our investments for India. We are investing in content, manpower as well as technology.” On the new strategy, Khan said Hooq has narrowed its focus on Hollywood and English premium content, and it has started phasing out regional and Hindi content. India is expected to be among the top 10 OTT video markets in the world in four years and is growing at a CAGR of 23 per cent, according to PwC. A separate report by Strategy Analytics said India′s OTT video revenue is expected to grow at a CAGR of 30 per cent to reach $2 billion in 2022, compared to $529 million in 2017. Khan said, “Every player wants the consumer to pay for content. That′s the biggest challenge on how to get a customer to pay. “The focus is also to provide customers with an easier way to pay. If that means working with a telco or financial partners, we will do that.”

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