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Friday, July 12, 2024

Streaming Platforms Gain Ground in Southeast Asia

This Week

International streaming platforms including Netflix and Disney+ see Southeast Asia as a coveted market, with a massive pool of potential subscribers.

The Star reports that although the streaming sector is far from maturity in this part of the world, a new report reveals that premium video viewership is up 6% quarter-on-quarter.

According to the Southeast Asia Online Video Consumer Insights and Analytics report, from Media Partners Asia, viewership increased by 6% between Q2 and Q3 2022 in Southeast Asia. The region saw 2.5 million net new subscribers, taking total subscriptions to 43.5 million.

While Disney+ has worked hard to establish itself in the Asian market, Netflix is once again the market leader in this region, which includes Singapore, Indonesia, Thailand, Malaysia, and the Philippines.

Netflix alone represents 42% of premium video viewing time in Southeast Asia, ahead of the Chinese platforms Viu (13% of the audience) and Tencent’s WeTV (10%).

Prime Video has gained around 400,000 new consumers as a result of efforts to meet the expectations of local subscribers, particularly in Indonesia, the Philippines, and Thailand.

The streaming service Vidio, which is a hit in Indonesia, confirmed its position as the regional leader in subscriber growth, ending Q3 2022 with four million subscribers. Vidio is the fifth most-watched platform in Southeast Asia (7% of the overall audience), behind Disney+ (9% of the audience).

In Laos, only Netflix and Amazon’s Prime Video are currently available to local audiences.

The country’s Ministry of Finance issued a notice in April this year requiring foreign e-commerce and tech platforms to register for Value Added Tax (VAT) in the country. These include streaming services such as Netflix, as well as companies like YouTube, Zoom, and e-commerce platforms such as Lazada.

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