Let’s travel together.

Video Streaming Subscriptions Reach Record in Southeast Asia, Report

22


The video-on-demand streaming sector in Southeast Asia delivered record subscription numbers and subscription revenues in the first quarter of the year, according to a new study. Those trends represent recovery after a tough 2023.

Data from consultancy firm Media Partners Asia and its AMPD research affiliate showed VOD usage at a barely changed 96.3 minutes in the five Southeast Asian countries studied (Singapore, Thailand, The Philippines, Indonesia and Malaysia).

Total paying subscriptions reached 48.5 million, representing net additions of 652,000 quarter-on-quarter and 1.6 million year-on-year. Such growth was matched by a 9% year-on-year and 5% quarter-on-quarter increase in total subscription revenues to $381 million, marking a milestone as the highest quarterly revenue recorded in the region, the firms said. Indonesia and the Philippines were the subscription growth leaders, while Thailand and Indonesia displayed strong growth in monetization.

“Following a challenging period in 2023, the Southeast Asian premium VOD sector has demonstrated resilience and notable improvements since Q4 2023, a trend that has continued into Q1 2024,” said MPA MD Vivek Couto. “We’ve observed better monthly customer churn metrics, alongside a robust growth in subscribers and subscription revenues. Investment in local content and marketing has been strategic and for the most part, sustainable while leading platforms continue to invest in local entertainment and sports.”

Key trends include the enduring popularity of Korean and U.S. content, serving as significant drivers of customer engagement across the region. Local content remains a cornerstone, particularly in Indonesia and Thailand, where successful platforms have tailored their offerings to resonate with local audiences, the report said.

Netflix retained its position as the category’s top earner, commanding 49% first quarter premium VOD subscription revenue in Southeast Asia, and 10 million subscribers. Viu was in second place with 9.1 million paying customers. Viu experienced double-digit subscription fee growth driven by market expansion and successful local hits.

Disney grew revenues year-on-year, despite churning customers arising from its strategy of raising pricing across direct and wholesale segments. Disney+ maintained its Southeast Asia premium VOD subscription revenue share at 11%.

In Indonesia, Vidio maintained its country leadership in terms of subscribers with 4.1 million customers, fueled by premium sports content and local dramas. TrueID in Thailand saw growth propelled by local originals, Premier League football and Japanese anime content.

Across the region, Korean dramas continued to reign supreme as the leading content category, capturing nearly 30% of total premium VOD viewership in the first quarter of 2024, closely followed by U.S. content. Chinese content also made significant strides, particularly on freemium platforms such as including WeTV, Viu and iQiyi, and across multiple markets.

The demand for local Southeast Asian content remains robust, particularly on freemium platforms, indicating a strong affinity among viewers. “Impactful originals such as Indonesian dramas on Vidio and Thai content on Viu resonated strongly with audiences, underscoring the importance of local storytelling,” the report said.



Source link

Comments are closed.