Investment in video content across seven key Asian markets is projected to climb to $15.1 billion in 2026, according to the “Asia Video Content Dynamics 2026” report released by Media Partners Asia (MPA). The growth is primarily fueled by capital flowing into streaming platforms and local film productions, even as traditional television budgets continue to shrink.
The analysis covers India, Indonesia, South Korea, Malaysia, the Philippines, Thailand, and Vietnam. MPA estimates that spending across these regions was $14.8 billion in 2025 and forecasts an increase to $15.4 billion by 2031.
While television still commands approximately 60% of total content investment compared to 30% for online video and 10% for film, the landscape is shifting rapidly. South Korea and India remain the dominant forces, accounting for roughly 80% of the $14.8 billion invested in 2025. Specifically, Korea accounted for $6.9 billion and India for $5 billion.
“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.”
Despite rising viewership numbers, the report highlights significant profitability challenges. Many established media companies in the region operate with equity values well below their book value, struggling to convert large audiences and creative talent into sustained financial returns. MPA suggests that future success will depend on firms that can wisely allocate capital, reduce costs, and protect unique content assets.
India marked a pivotal transition last year, with online video surpassing television as the leading content investment category. In 2025, digital platforms captured 46% of India’s content spend, compared to 42% for TV. Indian viewers consumed 420 billion hours of online video during the year. Leading the market, JioHotstar holds a 58% share of premium video-on-demand (VOD) viewing and boasts over 180 million paying subscribers.
In South Korea, TVING has solidified its position as the second-largest streaming service behind Netflix. Meanwhile, Indonesia’s Vidio, which leads its domestic market with more than 6 million paying subscribers, reported becoming EBITDA-positive in the fourth quarter of 2025.
Exclusive sports rights emerged as a critical differentiator for streamers. The 2026 Indian Premier League cricket tournament boosted JioHotstar’s connected TV reach by 26%, while exclusive coverage of the KBO baseball league helped TVING grow its subscriber base from 5.3 million to 6.5 million. Other notable sports investments include Coupang Play’s extensive premium sports library in Korea, Vidio’s bundling of Indonesian football and major European leagues, and a 22% surge in premium VOD viewing in Vietnam following the FIFA World Cup.
Local cinema was identified as another major growth engine. Vietnam’s box office grew 20% to $213 million in 2025, with domestic films securing 69% of ticket sales. Indonesia saw its box office rise 10.5% to $325 million, with local movies accounting for 60% of revenue. India set a national box office record of $1.41 billion, and South Korea is expecting a strong theatrical rebound in 2026 driven by a robust slate of domestic releases.
Conversely, the television sector faces mounting pressure. Although audiences remain, advertising revenue is declining. In Thailand, TV ad spending dropped 18% to $422 million in 2025, and MPA noted that several markets are carrying broadcast capacity that exceeds what ad income can support.
Production companies are also experiencing compression. Broadcasters and streamers have become more selective in their commissions, negatively impacting producers reliant on production fees. Value is increasingly favoring integrated studios and producers with owned intellectual property or diversified revenue streams. Drama margins in Korea, the most expensive production market in Asia, have tightened to between 5% and 10%, while tighter commissioning is also affecting cheaper Southeast Asian markets.
“Asia’s video industries are not short of audiences or creative capability,” said 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… will increasingly outperform, and the valuation gap between winners and losers will widen.”
The report indicates that India and South Korea are furthest along the path toward industry consolidation. India led the way with the 2024 merger of Reliance’s Viacom18 and Disney’s Star India, forming JioStar, with further mergers and acquisitions expected. South Korea is eyeing value creation through a proposed merger between TVING and Wavve. In Southeast Asia, MPA sees potential for collaboration and consolidation, particularly in the Philippines, Thailand, and Indonesia.
In a separate finding, MPA estimated that restructuring CJ ENM into four distinct business units could unlock an equity valuation significantly higher than the company’s current market price.
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