Netflix Leads Southeast Asia Streaming Revenues to $1.8 Billion as Regional VOD Viewership Surges

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2024 was an exceptional year for the premium video-on-demand market in Southeast Asia, as I, a cinema enthusiast, witnessed a staggering 14% surge in total industry revenues, reaching a monumental $1.8 billion! Not only that, but viewership also skyrocketed to an astounding 440 billion minutes, as reported by Media Partners Asia (MPA). Simply amazing!

In Q4, Netflix held a strong position in the market, accounting for approximately half of all new subscriptions and controlling about 52% of viewership and 42% of revenue. By the end of 2024, the company had amassed over 12 million subscribers across Southeast Asia’s major markets.

Indonesia took the lead as the top earner with approximately $552 million, trailed closely by Thailand earning around $473 million. The impressive growth can largely be attributed to robust performances in Indonesia, the Philippines, and Malaysia, effectively compensating for a slight deceleration in Thailand’s progression.

2024’s final quarter saw a notable surge of activity, resulting in 3.2 million additional SVOD subscriptions, bringing the regional count up to 53.6 million. Warner Bros. Discovery’s Max made a strong entrance in November 2024, capturing approximately one-quarter (26%) of Q4’s new subscribers, predominantly in Thailand. The service closed out the quarter with more than 1.4 million subscribers, anticipating a speedier growth in 2025 as it releases new originals such as “White Lotus” Season 3.

As Netflix reigns supreme, competition is becoming increasingly fierce. In 2024, local contender Vidio topped Indonesia with approximately 4.7 million subscribers, while regional rival Viu ended the year with a customer base of around 9.5 million. Disney+ managed to maintain a stable 10% revenue share after repositioning its service.

Viewership continues to be heavily influenced by Korean content, as shows such as “Queen of Tears,” “My Demon,” and “Gyeongseong Creature” prove popular on Netflix. American content makes up 20% of premium VOD viewership, while Southeast Asian and Chinese content are growing in popularity, particularly in the freemium segment. Japanese anime maintains its popularity, particularly on SVOD platforms in Thailand.

Vivek Couto, MPA’s executive director, stated that the streaming market in Southeast Asia is rapidly changing,” he said. “Netflix currently holds a strong lead, but the sector is expanding with the arrival of Max and the growth of homegrown and regional platforms like Vidio, Viu, and TrueID. The future expansion will be driven by increased connected TV and home broadband availability. Furthermore, increased investment in local/Asian content and premium sports, led by Netflix and key Indonesian, Thai, and Malaysian platforms, will spur further growth. The industry is also considering innovative strategies such as short-form content and partnerships to offer bundles, aiming to attract and retain subscribers.

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2025-02-20 06:16