Premium Video Approaches 50 Million Subscribers in Southeast Asia,

Even after a slowdown, Southeast Asia’s premium video-on-demand (VOD) market saw revenue grow 11% in the first half of this year. And according to a new report, paid SVOD subscriptions grew by one million subscribers to 49 million.

The quarterly report from digital measurement platform AMPD and parent company Media Partners Asia covers Indonesia, Thailand, Malaysia, the Philippines and Singapore.

APMD measures more than 230 billion viewing minutes in the first half of 2024, an increase of 4% year on year, mainly driven by growth in the Philippines and Indonesia.

Premium video revenue, including subscription fees and ad sales, rose 11% to $895 million. Indonesia continues to maintain the leading position in terms of turnover. The Philippines, Thailand and Malaysia led the way in customer growth.

Netflix and Viu both grew their revenue by significant double digits in the first half of 2024, and Netflix’s share of the viewership reached 50%. Netflix was dominant in Malaysia, the Philippines and Singapore, but faced strong local competition and more complex category dynamics in Indonesia and Thailand.

Netflix’s revenue share, including advertising, reached 40% in the period. Viu had a 10% audience share and category revenue share. Despite the loss of subscribers, Disney+ revenues continue to grow as the service focuses on a higher ARPU customer funnel, the report said. China’s WeTV maintained a robust category engagement share in SEA of 8% in the half.

Among local players, Vidio is the market leader in Indonesia, with a revenue share of approximately 20% in the first half of the year. The 7% audience share is determined by local dramas and sports in the heart of the country. Thailand’s True ID led Thailand with 27% viewer share in the premium VOD category, although it still remains second to Netflix in terms of revenue share.

“While price increases have moderated customer growth, growing penetration outside major urban centers in Indonesia, the Philippines and Thailand remains a strong opportunity as premium sports, local, Asian and American content comes online. Korean, American, Chinese and Japanese content captured 80% of premium VOD viewership in Southeast Asia in the first half of 2024,” said MPA CEO Vivek Couto.

“While Korean content remains the main driver, Chinese dramas account for 40% of freemium viewership. US content remains the top acquisition funnel for global services. And local content maintains a wide reach, with [subscriber] impact of the acquisition.”