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Even after a slow-down, the premium video-on-demand (VOD) market in Southeast Asia saw revenues grow by 11% in the first half of this year. And paid SVOD take-up grew by a million subscribers to reach 49 million, according to a new report.
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The quarterly report published by digital measurement platform AMPD and its parent company Media Partners Asia covers Indonesia, Thailand, Malaysia, Philippines and Singapore.
APMD measures more than 230 billion minutes in viewership over the first half of 2024, up 4% year on year, driven particularly by growth in the Philippines and Indonesia.
Premium video revenues, including subscription fees and advertising sales, grew 11% to $895 million. Indonesia continues to retain the leading position in terms of revenues. Philippines, Thailand and Malaysia led customer growth.
Netflix and Viu both grew revenues at a significant double-digit pace in the first half of 2024 and Netflix s share of category viewership reached 50%. Netflix was dominant in Malaysia, Philippines and Singapore but faced strong local competition and more complex category dynamics in Indonesia and Thailand.
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Netflix s category revenue share, including advertising, reached 40% in the period. Viu had 10% viewership and category revenue share. In spite of shedding subscribers, Disney+ revenues continue to grow as the service focuses on a higher ARPU customer funnel, the report said. Chinese-owned WeTV retained a robust category engagement share in SEA at 8% in the half.
Among local players, Vidio leads in Indonesia with roughly 20% category revenue share in the first half of the year. Its 7% viewership share is driven by heartland local dramas and sports. Thailand s True ID led Thailand with 27% premium VOD category viewership share though it remains second to Netflix in revenue share.
“While price increases have moderated customer growth, growing penetration beyond the major urban centers in Indonesia, Philippines and Thailand remains a major opportunity as premium sports, local, Asian and U.S. content moves online. Korean, U.S., Chinese and Japanese content captured 80% of premium VOD viewership in Southeast Asia in 1H 2024,” said MPA executive director Vivek Couto.
“While Korean content remains the major driver, Chinese dramas account for 40% of freemium viewership. U.S. content remains the leading acquisition funnel across global services. And local content maintains strong reach, with [subscriber] acquisition impact.”
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