Singapore based video-on-demand streaming service HOOQ is looking to double its India investments as it focuses primarily on English premium video content. The recent growth of Indian OTT video market has prompted many VOD platforms like Netflix and Amazon Prime to invest on original content.
According to research reports, India is expected to be among top 10 OTT video markets in the world in the next four years and is expected to grow at a CAGR of 23%. India’s OTT video revenue is forecasted to touch $2 billion in 2022, as compared to $529 million in 2017.
Zulfiqar Khan, Managing Director, HOOQ India quoted, “We are doubling up on our investments for India. We are investing in content, manpower as well as technology. Hooq has narrowed its focus on Hollywood and English premium content, and it has started phasing out regional and Hindi content. The change in strategy has led us to revisit partnerships that we do. We are now looking at more partnerships with stakeholders.”