As a seasoned movie enthusiast who’s spent countless hours binge-watching content from all corners of the globe, I must say that the latest report on Southeast Asia’s VOD market has left me absolutely spellbound!
Despite experiencing a slow period, the video-on-demand (VOD) market in Southeast Asia experienced an 11% revenue increase during the first half of this year. Additionally, the number of paid SVOD subscribers grew by a million to reach 49 million, as per a recent report.
The quarterly report issued by digital measurement platform AMPD, along with its holding company Media Partners Asia, provides insights into the markets of Indonesia, Thailand, Malaysia, the Philippines, and Singapore.
During the first half of 2024, APMD recorded an impressive viewership of over 230 billion minutes, marking a 4% increase compared to the same period last year. This surge is largely attributed to significant growth in countries like the Philippines and Indonesia.
The income from high-tier video content, encompassing subscriptions and ad sales, experienced an increase of 11%, totaling approximately $895 million. Once again, Indonesia holds the top spot in revenue generation. Meanwhile, the Philippines, Thailand, and Malaysia have been key drivers for customer growth.
In the first six months of 2024, both Netflix and Viu experienced robust growth in their revenues, with increases exceeding 10% each. Moreover, Netflix accounted for half of the total viewership share across all streaming platforms. While it held a dominant position in Malaysia, Philippines, and Singapore, it faced stiff local competition and intricate category dynamics in Indonesia and Thailand.
During the given timeframe, Netflix’s category revenue (including advertising) accounted for approximately 40%. Meanwhile, Viu held around 10% of both viewership and category revenue. Despite losing subscribers, Disney+ has seen a continuous increase in revenues as they concentrate on a customer base with higher Average Revenue Per User (ARPU). The report also mentioned that WeTV, owned by a Chinese entity, maintained an impressive engagement share of 8% within the Southeast Asian market during the first half.
In Indonesia, Vidio dominates among local streaming platforms, accounting for approximately 20% of the total category earnings during the first half of the year. This strong performance is largely due to its popularity with heartland dramas and sports content, attracting around 7% of viewers. In Thailand, True ID holds the top position in the premium VOD category, capturing a 27% viewership share. However, it still trails behind Netflix when it comes to revenue share.
“Although rising prices have slowed down customer expansion, expanding reach to smaller towns in Indonesia, the Philippines, and Thailand continues to be a significant prospect. This is because high-quality sports, local, Asian, and American content are increasingly being accessed online. In the first half of 2024, Korean, American, Chinese, and Japanese content accounted for 80% of premium Video On Demand (VOD) viewership in Southeast Asia, according to MPA executive director Vivek Couto.”
“Although Korean shows are primarily influential, Chinese series make up about 40% of viewers on freemium platforms. Meanwhile, American productions serve as the primary entry point for subscribers across global services. Moreover, local content continues to have a significant impact on attracting new subscribers.”
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2024-08-15 05:16