France’s pay-TV giant Canal+ has increased its investment in Asia-based streamer Viu to almost 30%.
My Bubble Tea (Source: Viu)
The deal, which follows the French company’s deal struck last year that saw it take a 26% stake in the company, is part of a $300m staged investment plan that provides Canal+ with the option to ultimately acquire a majority (51%) stake in Viu.
Viu is best known for its Korean content offering, operating across Asia, Middle Eats and South Africa.
It claims over 66 million monthly active users and 12 million paid subscribers, with shows including Nenek Bongkok Tiga.
Media research group Omdia reported last year that Viu was leading the pack in South-Eastern Asia’s OTT video race, with a 23% market share in online video subscriptions, ahead of rivals including Disney+ Hotstar and Netflix.
PCCW-owned streaming service Viu, which first entered the regional market in 2016, cemented its position in the region with its early strategy of providing Asian and localised content to its viewers, alongside its own Viu Original series.
It offers an SVOD and AVOD model for consumers, with lower subscription fees compared to its counterparts that has assisted growth.
PCCW reported during last year, Viu increased total revenue by 27%. Paid subscribers of the streaming platform grow by 10% reaching 13.4 million. According to the company, coupled with pricing increases in selected markets, this resulted in a 32% surge in Viu’s subscription revenue.
Viu also saw a 15% increase in its advertising revenue and reached 62.4 million active users at the end of 2023, as well as streaming minutes.
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