Investment in video content across seven major Asian markets is forecast to reach $15.1 billion in 2026, according to the “Asia Video Content Dynamics 2026” report by Media Partners Asia (MPA). The data indicates a significant reallocation of capital away from traditional television and toward streaming platforms and domestic film productions.
The study examined India, Indonesia, South Korea, Malaysia, the Philippines, Thailand, and Vietnam. MPA estimates that total spending across these regions was $14.8 billion in 2025 and projects growth to $15.4 billion by 2031. While television still commands approximately 60% of the market, online video accounts for 30% and film for 10%. South Korea and India remain the dominant investors, together representing roughly 80% of the $14.8 billion spent in 2025.
Myat Pan Phyu, an analyst at MPA, highlighted that audience demand remains strong. “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,” Phyu said. “This is a story of reallocation rather than retreat as capital moves toward streaming and local film, where both audiences and returns are growing.”
A notable shift occurred in India, where online video surpassed television for the first time in 2025. Online platforms captured 46% of content investment compared to TV’s 42%, coinciding with 420 billion hours of online video consumption. JioHotstar dominates the sector with a 58% share of premium VOD viewing and over 180 million paying subscribers.
In South Korea, TVING holds the second-largest market position behind Netflix. Meanwhile, Indonesia’s Vidio platform, which leads its home market with more than 6 million paying subscribers, achieved EBITDA positivity in the fourth quarter of 2025.
Sports rights are emerging as a critical differentiator for streamers. In India, cricket drove a 26% increase in JioHotstar’s connected-TV reach during the 2026 Indian Premier League. In Korea, exclusive KBO baseball coverage boosted TVING’s subscriber base from 5.3 million to 6.5 million, while Coupang Play has assembled the region’s broadest premium sports portfolio. Additionally, Vietnam saw a 22% spike in premium VOD viewing during the FIFA World Cup.
Local film is identified as the clearest growth opportunity. Vietnam’s box office grew 20% to $213 million in 2025, with domestic titles capturing 69% of receipts. Indonesia saw a 10.5% increase to $325 million, 60% of which came from local films. India set a national record with $1.41 billion in box office revenue, and South Korea is experiencing a theatrical rebound fueled by a strong lineup of domestic releases.
Conversely, traditional television faces headwinds. Thai television advertising revenue dropped 18% to $422 million in 2025, and MPA notes that several markets maintain broadcast capacity that exceeds advertising income. Producers are also under pressure as broadcasters become more selective, compressing drama margins in Korea to between 5% and 10%. Value is increasingly shifting toward integrated studios and producers who own intellectual property.
Stephen Laslocky, vice president at MPA, warned that while the region has abundant audiences and creative talent, sustainable returns remain elusive for many. “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,” Laslocky said.
MPA views India and South Korea as the most advanced markets regarding industry consolidation. India’s 2024 merger of Reliance’s Viacom18 and Disney’s Star India to form JioStar set a precedent, while South Korea is eyeing the proposed TVING-Wavve combination. Southeast Asia has lagged in consolidation, though MPA sees potential for collaboration in the Philippines, Thailand, and Indonesia. Separately, the firm estimated that restructuring CJ ENM into four distinct business units could significantly increase its equity valuation.
TV advertising dropping eighteen percent in Thailand? That seems brutal. Is it really time for traditional broadcasters to adapt or is the writing on the wall?
India and Korea clearly dominate this market. It is fascinating to see how local content is driving growth across Southeast Asia as well.