Video streaming dominates Asian media landscape in 2024

 JournalismPakistan.com |  Published: 9 June 2024

The Asian media industry is shifting towards Over-The-Top (OTT) streaming services, with local platforms gaining traction. The demand for localized content is rising, bolstered by technology advancements and increased internet access.

Summary

NEW DELHI—As of June 9, 2024, the media industry in Asia is experiencing significant growth, particularly in the Over-The-Top (OTT) streaming sector that delivers film and TV content via the Internet, without requiring users to subscribe to a traditional cable or satellite pay-TV service.. According to recent reports by the Asia Video Industry Association (AVIA) and PwC, local streaming services are gaining substantial market share, challenging global giants like Netflix and Amazon Prime.

The rise of local OTT platforms such as iQIYI, Tencent Video, and Youku in China, alongside regional players in India and Southeast Asia, marks a notable shift in consumer preferences towards homegrown content. This trend is fueled by increasing Internet penetration and the growing demand for localized content that resonates with regional audiences.

PwC's Global Entertainment & Media Outlook highlights that internet advertising revenue in Asia is set to grow significantly, further bolstering the financial stability of these local OTT services. The report notes that digital advertising is expected to surpass traditional consumer spending on entertainment and media products, reflecting a broader global trend​.

The growth of the OTT sector is also driven by advancements in technology, including the deployment of 5G networks, which enhance streaming quality and accessibility. This technological progress allows for a more seamless viewing experience, which is crucial for retaining subscribers in a highly competitive market.

As the media landscape continues to evolve, industry leaders in Asia are increasingly focusing on innovative content strategies and partnerships to capture and maintain viewer engagement. This dynamic environment presents both opportunities and challenges, as companies must navigate changing consumer behaviors and regulatory landscapes.

KEY POINTS:

• OTT services are growing, challenging global giants.
• Local platforms like iQIYI and Tencent Video lead in China.
• Increased internet penetration fuels demand for localized content.
• Digital advertising revenue in Asia is expected to surpass traditional media spending.
• 5G technology enhances streaming quality and accessibility.