In 2023, the growth of streaming subscribers in South-East Asia slowed down, with only 1.3 million new SVOD subscribers, compared to 11 million the previous year. However, the revenues continued to climb impressively, reaching US$1.4bil (RM6.69bil), representing growth of 12.5%.
A study by AMPD, part of the Media Partners Asia group, revealed a noticeable slowdown in South-East Asia’s streaming subscription industry, despite the ongoing buzz surrounding it. Although the number of new subscribers only grew slightly by 1.3 million, compared with 11 million in 2022, the industry saw a 12.5% increase in revenues to US$1.4bil (RM6.69bil).
Demand for Local Content
While Netflix remained the leader with a market share of over 45%, local platforms such as Vidio in Indonesia have gained ground by focusing on highly local and sports-oriented content, enabling them to climb to second place in terms of revenue. Korean shows also continued to be popular, accounting for a significant portion of premium VOD viewership and SVOD consumption in the region.
In 2023, Netflix and Viu established themselves as dominant players in “K-content” streaming, capturing over 90% of the demand for such shows in South-East Asia. Thai and Chinese content also saw increased consumption, with horror shows from Thailand and Chinese productions gaining popularity.
US Content Appeal
Korean, American, and Japanese content collectively accounted for 70% of premium VOD viewership in South-East Asia. Japanese cartoons in particular accounted for 14% of SVOD demand, indicating strong enthusiasm for this type of content among viewers.
American content continued to enjoy strong appeal in South-East Asia, accounting for 21% of the premium VOD audience overall and 30% of the SVOD audience in 2023. Netflix, Disney+, and Prime Video were the top platforms for this kind of content.
Looking ahead to 2024, AMPD senior analyst Dhivya T. expressed optimism, stating that while subscriber growth slowed in 2023, monetization remains robust and is expected to further improve in the coming year. The pillars of content that drive customer acquisition, retention, and engagement are now well-defined, with new Asian and local pillars emerging.
