HONG KONG - PCCW Media, a key global player of entertainment in Asia, yesterday launched Viu Over-the-top (OTT) video service, a global innovative Internet video platform. On October 26, Viu OTT video service debuted in Hong Kong and is set to progressively rollout across Asia including India, and the Middle East.
Riding on its track record of successfully launching disruptive entertainment solutions such as now TV, Hong Kong’s first IPTV and largest pay-TV service, and Moov, Hong Kong’s first OTT music platform, Viu OTT video service launch is a strategic move to further expand upon PCCW Media’s earlier investment into Vuclip, a leading mobile video platform entertaining over 8 million subscribers across 10 countries, and bears testament to PCCW Media’s commitment to continuous innovation to enhance users’ viewing experience.
Viu OTT video service capitalizes on the paradigm shift in users’ viewing habits and demands. By leveraging the Group’s strong content providers’ network, telco relationships, patented adaptive streaming technology by Vuclip, Viu OTT video service is well-positioned with today’s discerning viewers in mind as they can now readily stream or download content directly onto their mobile phones, tablets, laptops and desktops,” said Ms. Janice Lee, Managing Director, PCCW Media.
Based on a freemium model, Viu OTT video service offers Hong Kong users instant access to premium content sourced from Korea, Japan, Mainland China and Taiwan on multi-platforms and devices. Topping the list of enticing content is exclusive first time viewing in Hong Kong of the latest popular Korean drama series and variety shows offered with Traditional Chinese subtitling 8 hours after Korea telecast.
“We understand that users want to keep up with the most current content with quality localization in their own language. Therefore, in meeting viewers’ needs, we are committed to offering the best localized version of the latest programs,” Ms. Lee said.
Users enjoy absolute freedom and flexibility with Viu OTT video services. “They can watch their favourite shows anytime, anywhere and even on the go. By delivering direct to users engaging legal content, Viu OTT video service aims to set a new standard in OTT video landscape with further rollout plan in the region in the coming six months,” added Ms. Lee.
Currently, Asia alone accounts for over 48% of world Internet population with the majority accessing through mobile devices. A recent Horowitz Research# study on OTT found that nearly half (48%) of millennials spend more than 50% of their viewing time streaming.
"We expect significant interest from users who will become premium subscribers as well as advertisers keen to reach the mass of millennial generation who remain captive engaged audience for Viu OTT video service,” Ms. Lee said.
Global research group TDG* estimated that global advertising revenue from OTT TV is expected to grow nearly four-fold between 2015 and 2020. By 2020, OTT TV ad revenue will be approximately US$40 billion, just under half of 2020’s projected US$85 billion in total TV ad revenue.
Global OTT video subscription revenues are forecast to rise from nearly US$9 billion in 2014 to more than US$19 billion in 2019, according to Parks Associates^. Subscription income will represent another source of steady revenue.