Southeast Asia‘s premium video-on-demand market saw robust growth in 2024, with total industry revenues jumping 14% to $1.8 billion and viewership hitting 440 billion minutes, according to fresh data from Media Partners Asia (MPA).
Netflix dominated the landscape with a 52% viewership share and 42% revenue share, while capturing nearly half of all new subscriptions in Q4. The company closed 2024 with more than 12 million subscribers across Southeast Asia’s five key markets.
Indonesia emerged as the largest revenue generator at $552 million, followed by Thailand with $473 million. The growth story was primarily driven by strong performance in Indonesia, the Philippines, and Malaysia, which helped offset a minor slowdown in Thailand.
The fourth quarter of 2024 proved particularly dynamic, adding 3.2 million new SVOD subscriptions and bringing the regional total to 53.6 million. Warner Bros. Discovery’s Max made a splashy debut in November 2024, snagging 26% of Q4’s new subscribers, particularly in Thailand. The service ended the quarter with over 1.4 million subscribers, with growth expected to accelerate in 2025 as new originals like “White Lotus” Season 3 roll out.
While Netflix dominates, competition is intensifying. Local player Vidio led Indonesia with 4.7 million subscribers in 2024, while regional competitor Viu closed the year with 9.5 million customers. Disney+ maintains a solid 10% revenue share following service repackaging.
Korean content continues to drive significant viewership, with shows like “Queen of Tears,” “My Demon,” and “Gyeongseong Creature” performing strongly on Netflix. U.S. content accounts for 20% of premium VOD viewership, while Southeast Asian and Chinese content are gaining traction, particularly in the freemium segment. Japanese anime remains popular, especially on SVOD platforms in Thailand.
“Southeast Asia’s streaming landscape is evolving rapidly,” said Vivek Couto, executive director of MPA. “While Netflix has solidified its leadership position, the category is growing with the entry of Max and the scaling of local and regional platforms like Vidio, Viu and TrueID. The next phase of growth will be fuelled by the expansion of connected TV and home broadband penetration. Continued investment in local/Asian content and premium sports, led by Netflix and key local and regional platforms in Indonesia, Thailand, and Malaysia, will further stimulate growth. The industry is also exploring new strategies focused on short-form content and bundling partnerships to attract and retain subscribers.”
