The APAC video industry is estimated to increase its revenue to $16.2 billion between 2024 and 2029 across 14 markets, according to the latest report by Media Partners Asia (MPA). Online video is set to be the primary driver, contributing a US$24.1 billion increase, while traditional TV revenue is expected to decline by US$8 billion. Total video industry revenues are forecast to grow from US$145 billion in 2024 to over US$165 billion by 2029, at a compound annual growth rate (CAGR) of 2.2%. Streaming is anticipated to surpass traditional TV by 2027, driven by markets such as China and India, with streaming's share of industry revenues rising from 44% in 2024 to 54% by 2029.
India (26%), China (23%), Japan (15%), Australia (11%), Korea (9%), and Indonesia (5%) are projected to drive nearly 90% of the region’s incremental video revenue growth. India's video sector, in particular, is poised to lead the premium video surge, contributing nearly half of the sector’s US$5.5 billion incremental growth.
User-generated content (UGC) and social video platforms will see the fastest revenue growth, adding US$10.7 billion over the next five years. Platforms such as YouTube, Meta, and ByteDance (including Douyin in China) are expected to remain dominant, leveraging artificial intelligence to enhance engagement and monetization.
Advertising will account for 65% of the projected online video revenue growth, with subscription revenue contributing the remaining 35%. In 2024, advertising represented 52% of total APAC video revenue, a figure projected to increase to 54% by 2029, supported by premium AVOD and expanding ad-supported tiers.
The penetration of connected TVs (CTV) is rapidly increasing across the region, enhancing big-screen engagement and monetization. By 2029, active CTV penetration is expected to reach 85-90% in developed markets such as Australia, Korea, and Japan, and 25-50% in emerging markets like India, Indonesia, and Thailand. Fixed broadband is also projected to grow at a 4.2% CAGR from 2024 to 2029, driven by fiber deployments.
SVOD saw a significant boost in 2024, with net new subscriptions rising more than sixfold compared to 2023. This trend, driven by India, China, Japan, and other key markets, is expected to propel total SVOD subscriptions from 644 million in 2024 to 870 million by 2029, supported by cost-effective ad tiers, sports offerings, and content expansion.
Global players like YouTube, Netflix, Meta, Disney, Amazon Prime Video, and TikTok accounted for 67% of the online video revenue market (excluding China) in 2024. However, this share is projected to drop to 62% by 2029 as local competitors gain prominence in markets such as India, Indonesia, Japan, Korea, and Thailand.
YouTube ranked among the top two video monetizers in four of the six largest APAC markets in 2024. Netflix led the premium VOD segment in most markets, except India, where JioStar held the top position. Among the top ten VOD platforms in APAC by streaming revenue, three originated from China: ByteDance (#2), Tencent (#3), and iQIYI (#6). JioStar ranked #10, with YouTube securing the #1 spot.
MPA Executive Director, Vivek Couto, commented: "The online video market is experiencing a surge, driven by increased engagement and monetization. However, the decline in traditional TV revenue and challenges in achieving profitability in local streaming are accelerating industry consolidation and M&A activity, particularly in India, Japan, Korea, Australia, and Southeast Asia. While streaming profitability is emerging in certain markets, the overarching focus remains on optimizing monetization strategies and streamlining operational efficiency."
Related News
