Southeast Asia’s premium video-on-demand market experienced significant growth in 2024, with total revenues rising by 14% to reach $1.8 billion, and total viewership skyrocketing to 440 billion minutes, as reported by Media Partners Asia (MPA).
Netflix emerged as the dominant force in the market, claiming a remarkable 52% share of viewership and a 42% share of industry revenues. The platform was particularly successful in Q4, accounting for nearly half of all new subscriptions and finishing the year with over 12 million subscribers across the five major Southeast Asian markets.
Indonesia was the top revenue generator among the countries, yielding $552 million, followed closely by Thailand at $473 million. The growth trajectory was largely fueled by strong performances in Indonesia, the Philippines, and Malaysia, which balanced out a slight downturn in Thailand.
The final quarter of 2024 was especially lively, adding 3.2 million new subscriptions to the subscription video-on-demand (SVOD) services, bringing the total in the region to 53.6 million. Warner Bros. Discovery’s Max made an impressive entry in November, securing 26% of the new subscribers in Q4, predominantly in Thailand. By the end of the quarter, Max boasted over 1.4 million subscribers, with expectations of further growth in 2025, particularly with the upcoming launch of original programming like Season 3 of “White Lotus.”
While Netflix continues to lead, the competition is ramping up. Local platform Vidio topped the charts in Indonesia with 4.7 million subscribers, and regional rival Viu finished the year with 9.5 million subscribers. Disney+ remains competitive with a steady 10% share of revenues due to recent service enhancements.
Korean dramas are fueling a significant portion of viewership, with popular titles such as “Queen of Tears,” “My Demon,” and “Gyeongseong Creature” attracting audiences on Netflix. U.S. content represents 20% of premium VOD viewership, while Southeast Asian and Chinese productions are increasingly popular, especially within the freemium model. Japanese anime also retains a strong following, particularly on subscription platforms in Thailand.
Vivek Couto, executive director of MPA, commented on the rapidly evolving streaming landscape in Southeast Asia. He noted that while Netflix has solidified its position as a leader, the market is diversifying with the introduction of Max and the growth of local platforms like Vidio, Viu, and TrueID. The next phase of growth is expected to be propelled by the expansion of connected TVs and improved home broadband access. He emphasized that continued investment in regional and local content, along with premium sports, will further stimulate growth in regions like Indonesia, Thailand, and Malaysia. The industry is also considering new strategies focused on short-form content and bundling partnerships to engage and retain subscribers.
Read more about this topic:
Netflix Leads Southeast Asia Streaming Revenues to $1.8 Billion
