Southeast Asia's VOD Market Thrives in 2024: Growth and Competition
Southeast Asia's premium video-on-demand (VOD) market saw remarkable growth in 2024, according to data from Media Partners Asia (MPA). Total industry revenue soared by 14% to $1.8 billion, and viewership surged to 440 billion minutes.
Netflix Dominates, Competition Intensifies
Netflix maintained its dominance, capturing a 52% viewership share and 42% revenue share. The company closed the year with over 12 million subscribers in Southeast Asia's key markets. However, competition has intensified with the entry of Warner Bros. Discovery's Max, which secured 26% of new subscribers in Q4 2024.
Indonesia Drives Growth
Indonesia emerged as the largest revenue contributor, generating $552 million. Thailand followed closely with $473 million. Indonesia, the Philippines, and Malaysia fueled the growth, offsetting a slight slowdown in Thailand.
Q4 2024 Highlights
The fourth quarter of 2024 witnessed a surge in SVOD subscriptions, adding 3.2 million new users and bringing the regional total to 53.6 million. Vidio led in Indonesia with 4.7 million subscribers, while Viu closed the year with 9.5 million customers. Disney+ maintained a 10% revenue share.
Korean Content Soars
Korean content remained a key driver of viewership, with shows like "Queen of Tears," "My Demon," and "Gyeongseong Creature" performing well on Netflix. U.S. content accounted for 20% of premium VOD viewership, while Southeast Asian and Chinese content gained traction, especially in the freemium segment.
Future Growth Drivers
Vivek Couto, MPA's executive director, anticipates continued growth fueled by the expansion of connected TV and home broadband penetration. Investment in local/Asian content and premium sports will also stimulate growth. Additionally, the industry is exploring new strategies such as short-form content and bundling partnerships.