SyQic completes Maaduu acquisition, adds mobile OTT payment
| 22 September 2014
In a flurry of activity, over the top live TV and VOD provider SyQic has completed its acquisition of the Maadu online video-on-demand service and activated a mobile payment element to its Yoonic OTT service.
Jersey-based SyQic specialises in serving expat Asian communities and 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 via a number of channels comprising films, drama, music, sports, news, lifestyle and general entertainment genres. It has and already has a significant service footprint in the Philippines, Indonesia and Malaysia and recently launched international OTT services for the Bangladeshi and Filipino communities in the UK, Malaysia, and Singapore. Other migrant content launches are planned in the near term.
The Maaduu an online video-on-demand ad-funded service provides Korean content is expected to generate significant additional revenue through cross-selling of the Yoonic product to Maaduu users. Maaduu has approximately 850,000 registered users as well as over 3.3 million Facebook Fans to add to SyQic's current subscriber base of over one million. SyQic also expects Maaduu to address different target demographic groups via its differentiated product offerings.
Furthermore the activation of a mobile payment service for Yoonic will complement current scratch-card payment method providing a simple process by which customers can pay for content directly via their mobile phones. The new payment service is expected to help facilitate the proliferation of the Yoonic TV service into new markets globally. The mobile phone payment service has been developed in partnership with international mobile payment provider Fortumo.
"We are extremely pleased to be partnering with Fortumo in providing a mobile phone payment facility to our OTT customers," commented SyQic CEO Jamal Hassim. "The facility will greatly simplify the process by which Yoonic customers can buy our content and we are confident this will lead to an increase both in OTT customer numbers and in customer retention. Fortumo's wide geographic reach will also better enable us to roll-out our services into new geographies, in line with our strategic plans."