Wattpad in talks with Globe, HOOQ

Louella Desiderio (The Philippine Star) - May 2, 2018 - 12:00am

MANILA, Philippines — Storytelling platform Wattpad is in talks to forge partnerships with Globe Telecom Inc.’s Globe Studios and video demand streaming service HOOQ as it eyes to get more users and generate more revenue.

Wattpad chief executive officer and co-founder Allen Lau told reporters yesterday there are ongoing talks for possible partnerships with Globe Studios and HOOQ.

Globe Studios, which was launched by Globe in 2016, was meant to bring original video productions to customers.

HOOQ, meanwhile, has various shows and movies and is a partner of Globe.

Lau said partnering with Globe Studios and HOOQ is easy for the company as it has a relationship with Globe through subsidiary Kickstart Ventures after receiving funding earlier this year.

Last January, Wattpad received new funding amounting to $51 million from Kickstart, Tencent, and other international partners.

The funds will support new investments in machine learning and interactive storytelling to help expand the company’s global footprint.

Lau said the partnerships are expected to help Wattpad achieve higher revenue.

“That will translate to higher revenues for the platform and for the writers,” he said.

He said Wattpad generates revenues by being a co-producer or co-publisher of content, advertising, as well as through subscription to premium content.

Apart from higher revenue, he said the partnerships are also expected to help increase the number of Wattpad users.

At present, Wattpad has more than 65 million users globally, with 17 million located in Southeast Asia.

The Philippines is Wattpad’s second biggest market with seven million users.

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