Coupang Acquires Singapore Streaming Platform

Published on 2020/07/19 | Source

Korea's biggest e-commerce company Coupang acquired Singapore's online streaming platform HOOQ. The details of the deal have not been disclosed, but the acquisition apparently "ushers [Coupang] into a competitive but fragmented video streaming arena and pits it against the likes of [Amazon] and [Netflix]", according to Bloomberg.

"Coupang, widely regarded as [Korea's] Amazon, has been aggressively expanding into new businesses such as food delivery and digital payments, mirroring the U.S. giant by broadening its services", it wrote.

Jointly established by Singapore Telecommunications, Sony Pictures Television and Warner Bros. Entertainment in January 2015, HOOQ initially enjoyed success in Southeast Asia.

In the face of an onslaught by dominant players like Netflix, it eventually filed for liquidation in March, and halted services at the end of April.