SyQic (AIM: SYQ), the fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices, is pleased to announce that it has signed an agreement with global video streaming site Viki to make its TV shows and movies available to SyQic's customers. SyQic also announces the rebranding of its recently acquired Maaduu service as 'cool2vu'.
Strategic partnership with Viki secures additional content and advertising revenues for SyQic
Ability for SyQic to leverage Viki's operational assets in order to expand SyQic's own services more rapidly
Partnership with Viki enables SyQic to expand into multiple new territories without the need to obtain new content licenses in territory
Rebranding of Maaduu to cool2vu
Jamal Hassim, CEO of SyQic, commented: “We are delighted to have reached this agreement with Viki, which is a key provider of on-demand shows around the world translated into 200+ languages. The partnership is a significant milestone for SyQic, reflecting our continued growth and progress and how highly we are viewed by other players within our market. As a result of the syndication deal we will be able to connect our customers to an extensive library of primetime shows that the Company will leverage to roll-out our services rapidly into new geographies and unlock new revenue opportunities ahead of our original strategic plans.
I am also very pleased to confirm the rebranding of Maaduu as cool2vu. At SyQic, we strive to be more than just another provider of online content. We share our viewers' passion for all things Korean and it is for this reason that we continue to look for partnerships with the most innovative content providers from around the world to create new solutions and drive innovation in the online entertainment industry. With a refreshed and vibrant new look, including a rejuvenated and greatly enhanced library of new content, we believe cool2vu is poised for global growth.”
Viki is a global TV streaming site with TV shows, movies and other premium content, translated into more than 200 languages by a community of fans. Launched in December 2010, Viki now has 35 million viewers every month watching and sharing TV shows, movies, music videos and other premium content from around the world which are translated into more than 160 languages. With over 26 million mobile app installs and over 800 million words translated to date, Viki brings global prime-time entertainment to new audiences and unlocks new markets and revenue opportunities for content owners. Viki was acquired by Japanese internet services giant Rakuten for a reported $200m in September 2013. The company has offices in San Francisco, Singapore, Seoul and Tokyo.
The two year agreement will enable SyQic to leverage the Viki content library and provide its own customer base with a much wider content offering. Under the agreement, the content is provided to SyQic free of charge until the point where it becomes part of a paid for subscription service when a revenue sharing arrangement will be introduced. In addition, the Company will be able to extend its geographical service coverage more rapidly by leveraging on Viki's existing license arrangements rather then needing to negotiate new arrangements of its own in each new territory. The agreement with Viki also secures additional advertising revenues for SyQic's service.
Rebranding of Maaduu to cool2vu
SyQic is also delighted to announce the rebranding of its Maaduu service as cool2vu. Following the tie up with Viki, the Company made a strategic decision to effect the name change to derive more international acceptance of the service's identity. The rebranding exercise was also necessary to reflect that, unlike Maaduu, the improved service contains not just video content but also an entire Korean lifestyle dimension. Through the partnership with Viki, SyQic anticipates that it will quickly be able to make the cool2vu website available to users in Europe, South America, the Middle East and Africa. The original geographical coverage of Maaduu had principally been limited to users in Indonesia and Malaysia.
The rebranding has given the service a new visual identity and, following the strategic partnershipwith Viki, will provide cool2vucustomers with access to an enhanced library of high quality drama content in addition to what they are able to access currently. The Directors anticipate that this will enable cool2vu toposition itself as the premier go-to site for Korean content globally. In addition to 1,000 hours of new drama content, the new service now comprises lifestyle magazine content including fashion and beauty, food, travel, music videos and competitions, targeted to tap into the growing consumption of other Korean themed content.
The new service has already been launched in Singapore, Malaysia and Indonesia and further expansion is expected to follow shortly.
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 provider of live TV and on-demand video content across mobile and internet enabled consumer devices. Incorporated in Jersey and headquartered in the UK, it has a significant service footprint in Singapore, Indonesia and Malaysia.
The Group has access to over 20,000 hours of premium video-on-demand content and International video content. This 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 launched its new Korean content service called "cool2vu" in Malaysia, Singapore and Indonesia in January 2015 streaming high demand Korean content utilising an advertising revenue model.