Asian Streaming Market Projected to be Worth US$89bil by 2029
By 2029, revenues from the streaming market in Asia are expected to reach a staggering US$89 billion (RM400 billion) from US$64 billion last year, according to a new study by Media Partners Asia (MPA).
The Spectacular Growth of Asian Streaming Content
This spectacular growth, estimated at 40%, reflects the accelerating transition from the traditional small screen to online video platforms.
Traditional TV Loses Ground
While the world of video on demand (VOD) is booming, traditional TV is seeing its downfall. Over the same period, the report estimates that traditional TV will lose US$8 billion in revenue.
The Region’s Streaming Market Set to Overtake TV
The region’s streaming market is expected to officially overtake the TV market by 2027. This trend is particularly marked in China and India, where the share of subscription video-on-demand (SVOD) revenue in the Asia-Pacific is set to rise from 44% last year to over 54%.
SVOD and Ad-Supported Video-on-Demand Platforms to See Strong Growth
“The shift to online has become even more accelerated,” said MPA executive director Vivek Couto. “We’re seeing deepening pools of subscriber growth on SVOD, and a much stronger local advertising ecosystem develop.”
Asian Streaming Market Closes the Gap with the US
The Asian streaming market is steadily closing the gap with the US, which remains far ahead. By 2029, streaming revenue there is expected to reach US$140 billion, compared with US$89 billion in the Asia-Pacific region.
Revenue Split among Main US Platforms in the Asia-Pacific
Last year, revenue from the main US platforms in the Asia-Pacific were split between YouTube (25%), Netflix (12%), Prime Video (10%) and Disney (10%).
Number of Subscriptions to Pass 800 Million Mark
The number of subscriptions on streaming platforms is also predicted to pass the 800 million mark, rising from 644 million in 2024 to 870 million in 2029.
Local Players to Gain Strength in Key Markets
According to MPA, local players will gain in strength in India, Indonesia, Japan, South Korea and Thailand. In fact, six key markets will account for around 90% of Asia-Pacific video revenue growth over the next five years: India (26%), China (23%), Japan (15%), Australia (11%), South Korea (9%) and Indonesia (5%).
Business Models to See Strong Growth
The business models expected to see the strongest growth in new revenue are user-generated content platforms and social video series, with an increase of $10.7 billion.
Next comes SVOD, with US$8.4 billion, and premium ad-supported video-on-demand platforms (AVOD) with US$5 billion.
Advertising to Gain Ground
Advertising will also gain ground, rising from 52% of total video revenue in the Asia-Pacific last year to 54% by 2029, thanks to continued expansion of ad-supported platforms.
Conclusion
The Asian streaming market is expected to continue its rapid growth, driven by the accelerating transition from traditional TV to online video platforms. As the region’s streaming market overtakes traditional TV, local players are poised to gain strength in key markets, and new business models such as user-generated content platforms and social video series are expected to see strong growth.
FAQs
* What is the projected value of the Asian streaming market by 2029?
+ US$89 billion (RM400 billion)
* What is the estimated growth rate of the Asian streaming market?
+ 40%
* Which regions are expected to see the strongest growth in video revenue?
+ India, China, Japan, Australia, South Korea, and Indonesia
* Which business models are expected to see the strongest growth in new revenue?
+ User-generated content platforms and social video series, with an increase of $10.7 billion
+ SVOD, with US$8.4 billion, and premium ad-supported video-on-demand platforms (AVOD) with US$5 billion