SOUTHEAST Asia is a highly coveted market for local streaming platforms, as well as for international giants such as Netflix or Disney+, who see a pool of potential subscribers. In this part of the world, the video streaming sector is a long way from reaching maturity.
However, a new report reveals that premium online video viewership was 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 been working hard to establish itself in the Asian market, it is once again Netflix that is the leader in this world region, which includes Singapore, Indonesia, Thailand, the Philippines and Malaysia.
The platform alone represents 42% of premium video viewing time in this part of the world, ahead of the Chinese platforms Viu (13% of the audience) and Tencent's WeTV (10%).
Prime Video has attracted approximately 400,000 new customers after efforts to match local subscribers' expectations, particularly in Indonesia, the Philippines and Thailand.
The streaming service Vidio, which is a hit in Indonesia, confirmed its position as 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).
"The growth of Vidio and Prime Video have thus far expanded the Southeast Asia streaming universe.
"Breakout Korean hits such as ‘Extraordinary Attorney Woo’ helped boost Netflix’s consumption leadership in Southeast Asia, while Disney’s ‘Big Mouth’ and Amazon’s ‘Love In Contract’ also generated strong buzz," said MPA analyst Dhivya T.
The analyst continues: "Korean dramas are the top streamed premium video category with 32% of total viewership. In Indonesia and Thailand, high-quality local content remains critical.
"Originals such as ‘Love Mechanics’ (WeTV), ‘School Tales The Series’ (Netflix) and ‘The Sexy Doctor is Mine’ (Vidio) were highlights in the third quarter.
"Disney+’s Philippines launch, Vidio’s momentum, and strong local slates from Netflix and Amazon are expected to drive SVOD growth in Q4, though consumer sentiment has weakened in Malaysia, Philippines and Thailand." – ETX Daily Up, November 24, 2022
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