Viu is now Southeast Asia’s second-largest video-on-demand streaming service by paid subscribers, just behind the Walt disney co‘s (NYSE: DIS) Disney + and before Netflix Inc (NASDAQ: NFLX), Bloomberg News reported Monday, citing research firm Media Partners Asia.
What happened: The Hong Kong-based company is considering a potential initial public offering and aims to further grow the subscriber base by moving towards creating more original content that includes original Korean dramas.
Viu, launched in 2015, has grown rapidly thanks to its efforts to recognize trends faster. The streaming video on demand player has deployed content in several languages native to the region.
The agile startup initially introduced a hybrid model offering free content and others only available to its paid subscribers.
See also: Netflix, Disney +, Amazon Prime Video, and other SVOD services see customers spending more now than during pandemic: investigation
Why is this important: Viu was also one of the first major platforms to partner with local wireless carriers and offer its service on mobile phones, with plans costing just $ 2 per month, while Netflix introduced a similar model in 2019, with less than $ 5 per month. months of mobile plans only in several Asian countries.
The online video streaming space is crowded and Viu also competes with local gamers, especially Baidu Inc (NASDAQ: BIDU) and Tencent Holdings Ltd (OTC: TCEHY).
Bigger US-based rivals have spent billions to create original content and step up their focus on Southeast Asia as growth slows in domestic markets.
Price action: Shares of Netflix closed up 0.39% at $ 517.92 on Monday.
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