The landscape of the Asian video content industry is undergoing a seismic structural transformation, characterized by a decisive migration of capital away from traditional television and toward streaming platforms and domestic film production. According to the "Asia Video Content Dynamics 2026" report published by Media Partners Asia (MPA), total spending on video content across seven major markets\u2014India, Indonesia, Korea, Malaysia, the Philippines, Thailand, and Vietnam\u2014is projected to climb to $15.1 billion by 2026.<\/p>\n
While the aggregate figures demonstrate a growth trajectory, the underlying data paints a complex picture. MPA estimates that total investment across these seven markets will reach $14.8 billion in 2025, with projections indicating a steady climb to $15.4 billion by 2031. However, this growth is not uniform, nor is it evenly distributed across distribution channels. Currently, traditional television still commands the largest share of the pie, accounting for approximately 60% of total investment. Online video follows with 30%, while film production captures 10%. <\/p>\n
The dominance of specific regional powerhouses remains stark. Korea, with a massive $6.9 billion in investment, and India, contributing $5 billion, together represented roughly 80% of the total regional investment in 2025. <\/p>\n
The transition of capital is not indicative of a shrinking market, but rather a strategic reallocation of resources. "The viewership data shows demand is intact," said Myat Pan Phyu, an analyst at MPA. "Premium VOD engagement continues to grow across India, Korea, and Southeast Asia, streaming now leads content investment in India, and local stories are winning at the box office from Hanoi to Jakarta and Mumbai. This is a story of reallocation rather than retreat as capital moves toward streaming and local film, where both audiences and returns are growing."<\/p>\n
Despite this robust demand, the financial reality for many media entities remains challenging. A recurring theme in the MPA report is the disconnect between massive audience engagement and the ability to convert that reach into sustainable, healthy profits. Many long-established media companies in these regions are currently trading well below their equity book values. In the eyes of MPA, the path to long-term viability requires a more disciplined approach: companies must spend capital with greater precision, aggressively trim legacy costs, and double down on the high-value content that differentiates them in a crowded marketplace.<\/p>\n
India, in particular, reached a critical inflection point in 2025. For the first time, online video spending outpaced traditional television, claiming 46% of the country\u2019s total content investment compared to 42% for linear TV. The scale of this digital consumption is staggering; Indian viewers logged 420 billion hours of online video content throughout the year. <\/p>\n
JioHotstar has emerged as the dominant force in this shift, holding a 58% share of premium video-on-demand (VOD) viewing in India and boasting a subscriber base exceeding 180 million paying users. The success of such platforms is increasingly tied to their ability to secure high-stakes content, particularly sports. During the 2026 Indian Premier League (IPL) cricket tournament, JioHotstar saw its connected-TV reach surge by 26%, underscoring the vital role that live sports play in driving subscriber growth and retention.<\/p>\n
The landscape in other key markets mirrors this intense competition for digital dominance. In Korea, TVING has solidified its position as the clear second-largest player behind global giant Netflix. The platform\u2019s growth has been significantly bolstered by its strategic acquisition of exclusive sports rights, most notably KBO baseball coverage, which helped propel its subscriber base from 5.3 million to 6.5 million. Meanwhile, Coupang Play has established itself as the leading provider of premium sports content in the Korean market.<\/p>\n
In Southeast Asia, platforms are similarly leaning into live sports to differentiate their offerings. Indonesia\u2019s Vidio, which leads its domestic market with over 6 million paying subscribers, has successfully turned a corner on profitability, having been EBITDA-positive since the fourth quarter of 2025. The platform offers a diverse array of sports, including the Champions League, the Premier League, and Indonesian football. Similarly, in Vietnam, the FIFA World Cup served as a major catalyst for the industry, driving a 22% increase in premium VOD viewing over the course of the year.<\/p>\n
Perhaps the most significant growth opportunity identified by the report is the theatrical market. Local film production has proven to be a reliable engine for revenue across the region, consistently outperforming expectations. Vietnam experienced a 20% jump in box office revenue to $213 million in 2025, with domestic titles capturing 69% of total receipts. Indonesia followed a similar trend, with box office revenue rising 10.5% to $325 million, 60% of which was derived from local films. <\/p>\n
India set a new benchmark for the region, achieving a record-breaking $1.41 billion at the box office. Korea, too, is witnessing a robust theatrical rebound in 2026, driven by a stronger, more targeted lineup of domestic films that are successfully pulling audiences back into cinemas.<\/p>\n
Conversely, the outlook for traditional television remains dim. While linear TV continues to command a significant portion of total viewing hours, the revenue model is rapidly deteriorating. In Thailand, for instance, TV advertising expenditure plummeted 18% to $422 million in 2025. The MPA report notes that several regional markets are currently burdened with more broadcast capacity than their advertising income can realistically support, leading to an unsustainable economic environment for traditional broadcasters.<\/p>\n
The shifting priorities of streamers and broadcasters are placing significant pressure on independent producers. As commissioners become increasingly selective about the content they greenlight, companies that rely solely on production fees are finding themselves in a precarious position. The report highlights that value is shifting toward integrated studios and production houses that either own their intellectual property, maintain a diverse portfolio of buyers, or derive revenue from multiple streams. <\/p>\n
Korea, despite being a production powerhouse, faces unique margin pressures. As the most expensive market for content production in Asia, drama margins in Korea have been compressed to between 5% and 10%. While production costs are generally lower in Southeast Asia, the trend toward stricter commissioning standards is impacting producers there as well.<\/p>\n
"Asia\u2019s video industries are not short of audiences or creative capability," noted Stephen Laslocky, vice president at MPA. "They are short of structures that convert both into sustainable returns. As the margin for error narrows, management quality will become decisive. Companies that rationalize legacy costs through restructuring and the adoption of new technologies such as AI, collaborate where independent investment no longer makes sense, and protect the content that gives viewers a reason to stay will increasingly outperform, and the valuation gap between winners and losers will widen."<\/p>\n
The industry is already beginning to consolidate as a means of survival and growth. MPA identifies India and Korea as the most advanced in this regard. The 2024 merger of Reliance\u2019s Viacom18 and Disney\u2019s Star India to create the entity known as JioStar serves as a definitive template for how major players are seeking to scale in a fragmenting market. Korea is similarly looking to the proposed combination of TVING and Wavve to unlock greater value. While Southeast Asia has been slower to react, the report highlights clear potential for similar collaborative and consolidation efforts in the Philippines, Thailand, and Indonesia.<\/p>\n
Furthermore, the report suggests that structural reorganization could be a path to higher valuations for some of the region\u2019s largest players. Specifically, MPA estimates that if the media conglomerate CJ ENM were to reorganize its operations into four clearly defined business units, the move could support an equity valuation significantly higher than its current market standing. As the industry continues to navigate these turbulent waters, the ability to adapt, consolidate, and prioritize high-value assets will remain the defining characteristic of those who succeed in Asia\u2019s evolving digital frontier.<\/p>\n","protected":false},"excerpt":{"rendered":"
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