In 2024, Southeast Asia’s premium video-on-demand (VOD) market experienced remarkable growth, with total industry revenues surging 14% to $1.8 billion and viewership reaching an impressive 440 billion minutes, according to a report by Media Partners Asia (MPA). This growth underscores the region’s increasing appetite for streamed content, driven by a combination of expanding internet penetration, affordable subscription plans, and a rising demand for high-quality entertainment. At the heart of this growth is Netflix, which continued to dominate the market, capturing 52% of viewership and 42% of total revenue. By the end of 2024, Netflix had amassed over 12 million subscribers across five key markets in the region, solidifying its position as the leading platform for premium content.
The regional growth story was heavily influenced by strong performance in Indonesia, the Philippines, and Malaysia, which collectively offset a minor slowdown in Thailand. Indonesia emerged as the largest contributor to revenue, generating $552 million, followed by Thailand with $473 million. This trend highlights the diverse and dynamic nature of Southeast Asia’s streaming ecosystem, where local preferences and market conditions play a significant role in shaping the growth of streaming platforms. The success in these countries was driven by a combination of factors, including the availability of localized content, strategic pricing, and the increasing popularity of international shows.
The fourth quarter of 2024 was particularly noteworthy, with the addition of 3.2 million new subscriptions to streaming platforms, bringing the total number of subscriptions in the region to 53.6 million. This surge in subscriptions was partly fueled by the launch of Warner Bros. Discovery’s Max in November 2024. Max made a strong debut, capturing 26% of new subscribers in the quarter, with a significant portion of its growth coming from Thailand. By the end of the year, Max had already amassed over 1.4 million subscribers, and its growth is expected to accelerate further in 2025 with the release of highly anticipated originals like White Lotus Season 3. This highlights the importance of fresh, engaging content in attracting and retaining subscribers in a competitive market.
Despite Netflix’s continued dominance, the Southeast Asian streaming landscape is becoming increasingly competitive. Local and regional platforms are gaining traction, with Indonesia’s Vidio leading the way. Vidio ended 2024 with 4.7 million subscribers, while regional player Viu closed the year with 9.5 million subscribers. Disney+ also maintained a solid foothold in the market, accounting for 10% of total revenue following a strategic repackaging of its service. This intensifying competition is driving innovation and investment in the sector, as platforms seek to differentiate themselves through exclusive content, partnerships, and tailored offerings for local audiences.
Content preferences in Southeast Asia continued to evolve in 2024, with Korean dramas remaining a major draw. Shows like Queen of Tears, My Demon, and Gyeongseong Creature performed exceptionally well on Netflix, highlighting the enduring popularity of Korean content in the region. U.S. content also maintained a significant share of viewership, accounting for 20% of premium VOD consumption. However, Southeast Asian and Chinese content are gaining ground, particularly in the freemium segment, where platforms offer a mix of free and premium content to attract a wider audience. Japanese anime, meanwhile, remained a favorite on SVOD platforms in Thailand, further underscoring the region’s diverse tastes and preferences.
Looking ahead, the streaming industry in Southeast Asia is poised for further growth, driven by the expansion of connected TV and home broadband penetration. According to Vivek Couto, executive director of MPA, the next phase of growth will be fueled by continued investment in local and Asian content, as well as premium sports offerings. Platforms like Netflix, Vidio, Viu, and TrueID are leading the charge, leveraging their strengths in content production and distribution to capture a larger share of the market. Additionally, the industry is exploring new strategies, such as short-form content and bundling partnerships, to attract and retain subscribers in an increasingly competitive environment. As the market continues to evolve, it will be exciting to see how these factors shape the future of streaming in Southeast Asia.
