The premium video-on-demand market in Southeast Asia experienced significant growth in 2024, with total industry revenues increasing by 14% to reach $1.8 billion. Viewership also soared to 440 billion minutes, as reported by Media Partners Asia (MPA).
Netflix emerged as the dominant player in the region, capturing a 52% viewership share and a 42% revenue share. The streaming giant added over 12 million subscribers in Southeast Asia’s key markets by the end of 2024, solidifying its position as the market leader.
Indonesia emerged as the top revenue generator, bringing in $552 million, followed closely by Thailand with $473 million. The growth in the industry was driven primarily by strong performances in Indonesia, the Philippines, and Malaysia, offsetting a slight slowdown in Thailand.
The fourth quarter of 2024 was particularly dynamic, with 3.2 million new SVOD subscriptions added, bringing the regional total to 53.6 million. Warner Bros. Discovery’s Max made a significant impact, capturing 26% of new subscribers in Q4, particularly in Thailand. The service ended the quarter with over 1.4 million subscribers, and growth is expected to accelerate in 2025 with the release of new originals like “White Lotus” Season 3.
While Netflix remains the dominant player, competition in the market is intensifying. Local platform Vidio led the way in Indonesia with 4.7 million subscribers, while regional competitor Viu closed the year with 9.5 million customers. Disney+ also maintained a solid 10% revenue share following service repackaging.
Korean content continues to drive significant viewership, with shows like “Queen of Tears,” “My Demon,” and “Gyeongseong Creature” performing well on Netflix. U.S. content accounts for 20% of premium VOD viewership, while Southeast Asian and Chinese content are gaining popularity, especially in the freemium segment. Japanese anime remains a popular choice, particularly on SVOD platforms in Thailand.
Vivek Couto, executive director of MPA, commented on the evolving streaming landscape in Southeast Asia, noting the growth potential with the entry of Max and the expansion of local and regional platforms like Vidio, Viu, and TrueID. The industry is expected to see further growth with the expansion of connected TV and home broadband penetration, along with continued investment in local and Asian content. Strategies focusing on short-form content and bundling partnerships are also being explored to attract and retain subscribers.
The Southeast Asian video-on-demand market is poised for continued growth and innovation, with key players like Netflix and emerging platforms shaping the future of streaming in the region.
