This week seems to be a good one for media streaming companies in Asia. Hot on the heels of Malaysia-based Iflix raising $133 million for its Netflix-like service for emerging markets, Hong Kong’s PCCW has pulled in $110 million for its range of video and music streaming services.
Hony Capital, which recently backed WeWork’s China business, Foxconn Ventures and Singapore sovereign fund Temasek have taken an 18 percent share in the PCCW International OTT business. PCCW Media will retain majority ownership.
The business operates three digital products, video streaming service Viu, short clip service Vuclip and music service MOOV. Viu is available in 15 countries in Asia and the Middle East with 12 million monthly active users.
On the music side, PCCW Media has MOOV which is available in Hong Kong. It expanded to Vietnam last year, where the firm sees potential among a young popular with booming 3G data subscriptions.
Foxconn has made a sustained push into internet-of-things and media in recent times. That’s particularly clear with its investments, which have included Chinese dock-less bike rental company Mobike, audio maker Devialet, next-gen display startup DigiLens, Indian chat app Hike and SoftBank’s colossal $100 billion Vision Fund.
The overall strategy is to take a local approach to content — not unlike Iflix — to gain engagement in individual market. Already though, PCCW Media claims its most engaged users are on its service for upwards of 1.3-1.8 hours per day, consuming more than 15 videos per week.
As for MOOV, PCCW Media has been more measured with its approach with just two active markets.