As an ardent follower of Asian cinema and media landscape, I am deeply intrigued by the latest report from Media Partners Asia (MPA). The growth trends in content investment for India and East Asia are not just numbers on paper but stories waiting to unfold on our screens.
2023 saw investments in Indian and East Asian film, TV, and streaming content reach an impressive $15.5 billion, as per recent reports. However, the pace of spending increased only by 4%, which is a notable decrease compared to the investment highs seen in 2021-22. This slowdown can be attributed mainly to the ongoing impact of COVID-19.
The Media Partners Asia (MPA) 2024 Asia Video Content Dynamics report, which encompasses India, Korea, Indonesia, Philippines, Singapore, Thailand, and Vietnam, refers to the slowdown as a “moderation of spending on streaming video-on-demand (VOD) and a strategic adjustment in local content investment.”
In terms of growth, India led significantly with an impressive 12%, mainly fueled by sports content. Indonesia came in second with a 5% rise. Korea, the Philippines, and Thailand saw moderate growth, while Malaysia and Vietnam faced declines in their markets due to tough advertising conditions.
In 2023, Korea and India are leading the way, making up a whopping 80% of the total investment in content across the nations we’re looking at.
“Regarding Korea, which is already mature and may experience minimal overall growth, the increase in streaming and film production might be balanced out by TV’s ongoing decrease. On the other hand, India, with only about half of its households owning a TV, offers considerable room for expansion across all sectors up until 2028. The MPA predicts that India will surpass Korea in terms of total investment in content by 2026.”
In the future, MPA predicts a steady 2.7% annual increase in overall content investment across seven markets, amounting to $17.2 billion by 2028. The main impetus for this growth will come from India, with Indonesia and the Philippines expected to exhibit healthy growth figures as well. However, Korea and Thailand may only see modest growth, while Vietnam is likely to encounter significant hurdles due to a weak TV advertising sector and widespread piracy issues.
According to their predictions, free and pay-TV currently make up around 64% of the overall spending. However, this percentage is expected to decrease to 50% by the year 2028. On the other hand, streaming services are projected to increase significantly from 26% to approximately 33% of the market share. Additionally, film is forecasted to experience a slight growth, reaching about 11%.
Stephen Laslocky, MPA VP, noted that Korean content remains at the forefront due to top-tier production and captivating narratives. However, the cost of producing online original episodes has skyrocketed to around $7 million each. This exceptional allure is clear, as it meets over 30% of content demand in Southeast Asia and Taiwan. The advent of streaming services has notably boosted storytelling and production quality, particularly in Thailand and Indonesia, where competition is becoming more fierce. Content from these regions, particularly Thai productions, are gaining popularity throughout Asia.
It’s evident that numerous conventional TV drama producers are finding it challenging to keep up with high-quality streamed video content. On the other hand, film producers who offer quality content have found streaming to be flexible and have adapted more smoothly. Over the past year, as some ad revenues have moved permanently online and streaming habits have become ingrained, we’ve noticed that TV production costs are decreasing in most regions. Streaming platforms, in turn, have become more careful with their budgeting and content strategies when it comes to original content online.
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2024-08-29 12:46