Streaming Revenues to Overtake TV in Asia in 2027

Video industry revenues in the Asia-Pacific region will rise from $145 billion in 2024 to more than $165 billion by 2029, according to a new report from Media Partners Asia (MPA), with streaming set to overtake television in 2027.

The $16.2 billion in incremental revenue between 2024 and 2029 will be driven by online, with streaming topping television in two years, driven by China and India. Streaming’s share of revenues will increase from 44 percent last year to 54 percent in 2029.

Gains will be driven by the key markets of India and China, accounting for 26 percent and 23 percent, respectively, of the incremental video industry revenue growth from 2024 to 2029, followed by Japan (15 percent), Australia (11 percent), Korea (9 percent) and Indonesia (5 percent). By segment, meanwhile, growth will be powered by user-generated content and social video ($10.7 billion), followed by SVOD ($8.4 billion), and premium AVOD ($5.0 billion).

The MPA report highlights the importance of advertising-supported streaming, which will contribute 65 percent of online video’s growth. Advertising accounted for 52 percent of all AsiaPac video revenues last year and is projected to reach 54 percent by 2029 with gains in premium AVOD. Ex-China, advertising accounted for 59 percent of revenues and will rise to 61 percent, with MPA highlighting the growth of BVOD services and ad-supported SVOD tiers in markets such as Australia, India, Indonesia, Japan, Korea and Thailand.

Asia Pacific Video & Broadband 2025 also highlights the rising importance of the CTV landscape in Asia, with penetration set to near 90 percent in Australia, Korea and Japan in 2029 and hit between 25 and 50 percent in India, Indonesia and Thailand.

On the SVOD front, subs surged in the region last year, MPA says, with net new subscriptions more than six times higher than in 2023. The number of SVOD subscribers in the region is set to hit 870 million by 2029, up from 644 million in 2024, led by India, China, Japan, Thailand, Indonesia, Korea and Australia.

YouTube, Netflix, Meta, Disney, Amazon Prime Video and TikTok accounted for 67 percent of all video revenues last year; MPA anticipates this will drop to 62 percent by 2029 as local players gain scale in India, Indonesia, Japan, Korea and Thailand. YouTube leads in terms of revenues in the region, at $9.6 billion, with TikTok owner ByteDance at $7.5 billion, Tencent (including WeTV) at $4.7 billion, Netflix at $4.5 billion and Meta at $4.2 billion. Rounding out the top ten are iQIYI, Prime Video, Disney+ (excluding India), U-Next in Japan and India’s JioStar.

“The online video market is experiencing a surge, driven by increased engagement and monetization,” said Vivek Couto, executive director of MPA. “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.”