Max’s highly anticipated launch as a standalone service in Southeast Asia marked a significant milestone, achieving 1.4 million subscribers in the region during the fourth quarter of 2024, as revealed by recent research.
According to the Southeast Asia Online Video Consumer Insights & Analytics Report, compiled by Media Partners Asia (MPA), Max made its debut in five Southeast Asian nations—Thailand, Malaysia, Indonesia, Singapore, and the Philippines—in November 2024. Remarkably, it accounted for 26% of the net customer growth for streaming services in the region during Q4. The platform launched with popular titles such as House of the Dragon, The Big Bang Theory, and Friends, experiencing particularly strong interest in Thailand. MPA forecasts that Max will see continued growth in both engagement and subscriber numbers throughout 2025, especially with the introduction of new original programming, including the much-anticipated Thailand-based third season of HBO’s acclaimed series The White Lotus, alongside existing Warner Bros. Discovery pay-TV subscribers who are beginning to activate the Max app.
Despite this vigorous initiation, Max has a considerable journey ahead to rival Netflix, which remains the leader in Southeast Asia. According to MPA, Netflix captured 48% of the net customer additions in the same quarter, supported by a robust content lineup featuring both Korean and American films and series, along with a growing catalog of local original productions. Netflix has also committed to expanding its production capabilities in Southeast Asia, announcing 14 original projects in Indonesia and Thailand set for 2025. By the end of 2024, Netflix reported just shy of 12 million subscribers across its five Southeast Asian markets.
The report highlights Netflix’s dominance in this category, holding a substantial 52% viewership and 42% revenue share. However, competition is intensifying, particularly in Indonesia and Thailand, from local services like Vidio, which emerged as the leading platform in Indonesia with 4.7 million subscribers in 2024, and regional services like Viu, which concluded the year with 9.5 million subscribers in the region. Disney+ has also maintained a solid 10% revenue share in Southeast Asia after recently adjusting its service offerings.
Q4 2024 was marked by significant growth for streaming services as a whole, adding 3.2 million new subscriptions, which brought the total number of subscriptions in Southeast Asia to 53.6 million—a 12% increase year-over-year. This expansion was particularly driven by the markets in Indonesia, the Philippines, and Malaysia. The report notes that subscription video on demand (SVOD) revenues (including advertising) surged by 14% in Q4 2024, reaching $1.8 billion, with Indonesia leading the way at $552 million, followed closely by Thailand at $473 million.
Vivek Couto, the executive director of MPA, commented on the rapidly evolving streaming landscape in Southeast Asia. He noted that while Netflix has solidified its leading role, the market is expanding with the entry of Max and the growth of local and regional platforms like Vidio, Viu, and TrueID. The future of growth will be propelled by increased access to connected TV and home broadband, bolstered by continued investments in local and Asian content, as well as premium sports offerings. Additionally, industry players are exploring innovative strategies focused on short-form content and bundled partnerships to attract and retain subscribers, signaling an exciting phase ahead for the streaming industry in the region.
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Max Launches Successfully But Netflix Still Dominates Southeast Asia
