PCCW Media is going over the top with Viu, a global Internet video platform that will launch initially in Hong Kong and then progressively roll out across Asia including India, and the Middle East.
The IPTV service provider, which also operates Moov, Hong Kong’s first OTT music platform, said The freemium OTT service will expand PCCW’s investment in Vuclip, a mobile video platform with more than 8 million subscribers across 10 countries.
PCCW will leverage its content providers’ network, telco relationships and its patented adaptive streaming technology to deliver content directly onto mobile phones, tablets, laptops and desktops.
“We understand that users want to keep up with the most current content with quality localization in their own language,” said Janice Lee, MD at PCCW Media. “Therefore, in meeting viewers’ needs, we are committed to offering the best localized version of the latest programs.”
Viu will offer 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.
Users can watch shows anytime, anywhere, Lee said, adding, “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.”
Asia currently accounts for over 48% of the world Internet population with the majority accessing through mobile devices.
Recent research found that nearly half (48%) of Millennials spend more than 50% of their viewing time watching streaming content.
“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,” 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 $40 billion, just under half of 2020’s projected$85 billion in total TV ad revenue.
Global OTT video subscription revenues are forecast to rise from nearly $9 billion in 2014 to more than $19 billion in 2019, according to Parks Associates. Subscription income will represent another source of steady revenue.
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