Canal Plus Increases Stake in Asian Streamer Viu to 30% – Global Bulletin
26.02.2024 - 14:07
/ variety.com
Patrick Frater Asia Bureau Chief France’s Canal+ Group said that it has increased its stake in multi-territory Asian streaming platform Viu to 30%. “This additional investment underlines the confidence that Canal+ has in Viu and its teams. It also highlights the determination of Canal+ to make Asia its next growth vector, through its strategic partnership with PCCW, and through an acceleration of growth at Viu, a premium streaming service present in Asia, the Middle East and South Asfrica,” the French group said in a statement.
Additionally, it said that its investment in Viu now amounted to some $300 million and that it retains an option to increase its stake to 50%. In June last year, Canal+ announced that it was to pay $200 million for an initial 26.1% stake in Viu and that it would make a total staggered investment of $300 million. In results published on Friday, PCCW said: “Viu saw 27% growth in revenue in2023 […] propelled by a double-digit rise in both its subscription and advertising revenue.
During the year, Viu’s paid subscribers increased by 10% to 13.4 million which, coupled with pricing increases in selected markets, resulted in a 32% surge in its subscription revenue.” Its advertising revenue rose by 15%. Its subscriber numbers stood at 62.4 million at the end of 2023. Cheng Cheng Films has set a May to July theatrical release for a 4K restored version of “July Rhapsody,” directed by Hong Kong’s Ann Hui.
The director was this month part of the main competition jury at the Berlin Film Festival. A VOD and vide release will follow in the fall. The 2002 film was scripted by Ivy Ho (“Comrades: Almost a Love Story”) and features the final performance of Cantopop icon Anita Mui (“Rouge,” “Rumble in the Bronx”)
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