Southeast Asia’s premium video-on-demand (VOD) market experienced substantial growth in 2024, with industry revenues rising 14% to reach $1.8 billion and total viewership hitting an impressive 440 billion minutes, according to new data from Media Partners Asia (MPA).
Netflix maintained its dominant position in the region, capturing a 52% share of viewership and a 42% share of revenues, while also accounting for nearly half of all new subscriptions in the fourth quarter. By the end of 2024, Netflix had more than 12 million subscribers across its five core markets in Southeast Asia.
Indonesia emerged as the biggest revenue generator with $552 million, followed closely by Thailand at $473 million. The growth was primarily driven by strong performances in Indonesia, the Philippines, and Malaysia, which helped offset a slight slowdown in Thailand. The fourth quarter proved particularly vibrant, adding 3.2 million new subscription video-on-demand (SVOD) subscribers, bringing the regional total to 53.6 million. Warner Bros. Discovery’s Max made a notable entry in November 2024, securing 26% of the quarter’s new subscribers, especially in Thailand, and finishing the quarter with over 1.4 million subscribers. This growth is expected to accelerate in 2025 with new original content like “White Lotus” Season 3.
While Netflix remains the frontrunner, competition is becoming more intense. Local platform Vidio led in Indonesia with 4.7 million subscribers, and regional competitor Viu ended the year with 9.5 million customers. Disney+ holds a stable 10% share of the revenue following a rebranding of its service.
Korean content continues to attract significant viewership, with popular shows like “Queen of Tears,” “My Demon,” and “Gyeongseong Creature” performing well on Netflix. U.S. content represents 20% of premium VOD viewership, while Southeast Asian and Chinese content is gaining popularity, particularly in the freemium segment. Japanese anime also remains highly sought after, especially on SVOD platforms in Thailand.
“The streaming landscape in Southeast Asia is evolving rapidly,” stated Vivek Couto, executive director of MPA. “While Netflix has solidified its leadership position, the category is expanding with the entry of Max and the growth of local platforms like Vidio, Viu, and TrueID. Future growth will be driven by the penetration of connected TV and home broadband, along with continued investment in local and Asian content, premium sports, and new strategies focusing on short-form content and bundling partnerships to attract and retain subscribers.”
Credit: Variety
