Asia’s live streaming market is expected to grow 40 percent to reach $89 billion by 2029.
The shift from TV to online video is gaining speed across Asia. Over the next five years, online video revenues in the region will grow from $64 billion in 2024 to $89 billion by 2029 – an increase of 40%. Meanwhile, traditional TV revenues will shrink by $8 billion over the same period, according to a new report from consultancy Media Partners Asia.
The report’s authors expect streaming in the region to overtake TV by 2027, driven primarily by China and India, with SVOD’s share of total video industry revenue in Asia Pacific rising from 44 percent in 2024 to more than 54 percent by the end of the decade. .
“The shift to online has only accelerated,” says Vivek Kotto, executive director of MPA. “We’re seeing increased subscriber growth in video on demand, a much stronger local ad ecosystem, with Netflix and Amazon Prime Video pushing their offerings across the board and local players building very strong ad offerings in many of these markets.”
Video markets in the Asia-Pacific region will still be small compared to the domestic streaming market in the US, but the gap is narrowing. By 2029, US streaming revenues are expected to grow to $140 billion, while Asia-Pacific revenues will rise to $89 billion. MPA estimates that in 2024, revenues generated in the Asia-Pacific region accounted for the next share of total sales for the major video platforms in the United States: YouTube, 25 percent (includes ads and subscriptions); Netflix, 12 percent; Prime Video, 10 percent; Disney 10 percent (entertainment and sports, excluding consumer products).
While video subscriptions have begun to saturate in many developed markets in the West, spurring a push toward consolidation, video on demand subscriptions accelerated significantly in 2024 across the Asia-Pacific region, with net new subscriptions more than six times higher than in 2017. 2023. Driven by India, China and Japan. Thailand, Indonesia, Korea and Australia, supported by local and global players, SVOD subscriptions are expected to grow from 644 million in 2024 to 870 million by 2029, according to MPA.
“This growth is supported by new, lower-cost advertising levels, expanding sports offerings, and new content markets,” the report authors say.
MPA sees six key markets accounting for about 90 percent of the incremental video industry revenue growth that will come to the region over the next half-decade: India (26 percent), China (23 percent), Japan (15 percent), Australia (11 percent), Korea (9%) and Indonesia (5%). The fastest-growing business model categories in terms of new dollars during this period will be user-generated content platforms and social video series ($10.7 billion), followed by SVOD ($8.4 billion), and premium AVOD ($5.0 billion). In 2024, advertising accounted for 52 percent of total video revenue in Asia Pacific; This is expected to rise to 54 percent by 2029, driven by the continued expansion of premium video on demand (AVOD).
MPA also expects a slight power shift in the future, with local operators overtaking major US players. The six largest global video services – YouTube, Netflix, Meta, Disney, Amazon Prime Video, and TikTok – accounted for a 67% share of the online video revenue market in the Asia-Pacific region in 2024, excluding China. But this share is expected to decline to 62% by 2029 with local players gaining prominence in India, Indonesia, Japan, Korea and Thailand.
“The online video market is booming, driven by increased engagement and monetization,” Couto adds to the report’s findings. “However, declines in traditional TV revenues and challenges to achieving profitability in local broadcasting are accelerating industry consolidation and M&A activity, especially in India and Japan.” Korea, Australia and Southeast Asia While broadcast profitability is emerging in some markets, the overall focus remains on improving monetization strategies and streamlining operational efficiencies.
