SyQic (AIM: SYQ), the fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices, announces the official re-launch of its Maaduu Korean content streaming service in Indonesia. This follows the acquisition of Maaduu in August 2014 and the re-launch of the Maaduu service in Malaysia, further details of which were announced on 13 October 2014.
Indonesia’s population is estimated by the World Bank to be 250 million, making it the fourth most populous country in the world. Indeed, Indonesia accounted for c.60% of the Company’s 2013 revenues, demonstrating the territory’s existing strategic importance. SyQic is confident that this enhanced Maaduu offering will appeal significantly to the Company’s existing customer base, as well as being likely to attract a significant level of new users in what is Southeast Asia’s largest target market. Furthermore, the recent easing of industry regulation in Indonesia in mid-2013 has given greater access to target audiences.
Historically Korean content consumption has accounted for c.35% of streaming from the Company's sites, despite only representing a small proportion of SyQic's content portfolio. The Directors believe that the addition of the more up-to-date content from Maaduu will help drive content consumption and, in turn, user numbers.
The acquisition of Maaduu and the subsequent re-launch of the service by SyQic comes against a backdrop of the recent acquisitions of Viki and DramaFever, by Rakuten for $200m in September 2013, and, by Softbank for an estimated $100m in October 2014 respectively. Both Viki and DramaFever were focused on supplying Southeast Asian content. Both deals, particularly that of DramaFever, indicate that targeting highly engaged audiences with niche content has been a successful strategy.
SyQic intends to re-launch Maaduu in several other Southeast Asian countries during 2015.
Jamal Hassim, CEO of SyQic, commented: ““We are delighted to be re-launching the Maaduu service in Indonesia so soon after acquisition and the re-launch in Malaysia with a rejuvenated portfolio of content. Indonesia is a country of approximately 250 million people, and this development represents a substantial opportunity for us. Maaduu has approximately 850,000 registered users as well as over 3.3 million Facebook fans, and we are confident this audience will respond positively to the new offering.”
For further information:
Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7933 8780
Steve Elliff, Chief Financial Officerwww.syqic.com
Allenby Capital Limited
Alex Price / Jeremy PorterTel: +44 (0) 20 3328 5656
Walbrook, Financial PR and IR
Bob Huxford / Guy McDougall / Sam AllenTel: +44 (0) 20 7933 8792
Notes to Editors:
SyQic is a fast growing OTT (Over The Top) provider of live TV and on-demand paid video content across mobile internet-enabled consumer electronics devices such as mobile phones and tablets through its “Yoonic” platform. Yoonic utilises efficient mobile video streaming as its core offering and allows for close to high definition streaming, utilising adaptive bit-rate streaming technology that matches the available bandwidth through the Group’s proprietary encoding methodology, and can stream as low as 80kbps.
The Group has access to over 40,000 hours of online video-on-demand content as well as over 200 live television feeds comprising English and International video content as well as content for a number of ‘home markets.’ The content is delivered through SyQic’s platforms via a number of channels in the movies, drama, music, sports, news, lifestyle and general entertainment genres.
The Group, which is incorporated in Jersey and headquartered in the UK, already has a significant service footprint in the Philippines, Indonesia and Malaysia. The Group has recently launched international OTT services for the Bangladeshi and Filipino communities in the UK, Malaysia, and Singapore and these services will soon be launched in other regions. Other migrant content launches are planned in the near term.