2023 Gains for Southeast Asian Subscription Revenues


While Southeast Asia added just 1.3 million net new SVOD subscribers last year (down from 11 million in 2022), revenues were up 12.5 percent to $1.4 billion, according to a new report from Media Partners Asia (MPA).

The Southeast Asia Online Video Consumer Insights & Analytics report taps into data from MPA’s data analytics company, ampd. It found that five platforms—Netflix, Viu, Disney, WeTV, iQIYI and Prime Video—controlled 75 percent of premium VOD viewership and SVOD revenues in the region last year. Netflix remains dominant with 45 percent of viewership and subs revenues, with Disney+ at 11 percent of revenues and 6 percent of viewership. Viu had a 9 percent SVOD revenue share and 13 percent of minutes viewed.

There are local players also faring well, namely Vidio, which ended last year with 15 percent of SVOD revenue share and the biggest number of subs in the leading market of Indonesia.

In terms of content that is resonating, Korean drama and variety leads with 26 percent of premium VOD viewership and 34 percent of SVOD viewership, taking 8 of the top 15 titles last year. Netflix and Viu dominated in this space with 90 percent of Korean content demand last year. U.S. content is not far behind at 21 percent of premium VOD views and 30 percent of SVOD. Here Netflix is dominant, ahead of Disney+ and Prime Video. Southeast Asia content captured 12 percent of premium VOD engagement, led by Vidio, Netflix and Viu in Indonesia, Viu in Malaysia and TrueID in Thailand.

“Subscriber growth dramatically slowed over a volatile and high churn 2023 but monetization remains robust and will further improve over 2024, reflecting a marked strategic shift by key VOD platforms seeking to accelerate a path to profitability through adjustments in pricing, ARPU accretive packaging and rationality in third party partnerships, marketing and content investment,” said Dhivya T, lead analyst at MPA. “The content pillars that drive customer acquisition, retention and engagement are now well defined with new Asian/local pillars emerging. Korean, U.S. and Japanese content captured 70 percent of premium VOD viewership (includes SVOD and Freemium platforms but excludes UGC and social video) in SEA. While Korean content is major engagement driver, U.S. content retains importance as the leading acquisition funnel across global SVOD services in SEA. SEA content captured 12 percent of premium VOD viewership in 2023. Thai content has the strongest regional impact, with horror titles popular. Japanese anime contributed a robust 14 percent of SVOD demand while the role of Chinese dramas is growing steadily, contributing more to freemium platforms than SVOD at this stage.”