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A recent study from Media Partners Asia predicts a robust annual growth of 2.6% for Asia’s video industry over the next five years, propelling it to an impressive $165 billion by 2028. Building on a 5.5% growth in 2023, the “Asia Pacific Video & Broadband Industry 2024” report by the research and consultancy firm sheds light on the evolving landscape of the video industry across 14 Asia-Pacific countries and territories. The report underscores a significant paradigm shift from traditional television to online platforms, aptly described as a “secular shift.”

Key Findings and Growth Projections:

The report identifies several key findings and growth projections, highlighting China as the region’s largest and most regulated video market, generating a staggering $64 billion in revenue in 2023. Excluding China, other notable markets in 2023 included Japan ($32 billion), India ($13 billion), Korea ($12 billion), and Australia ($9.5 billion).

The growth projections for the Asia-Pacific (APAC) video industry indicate a compound average growth rate (CAGR) of 2.6% between 2023-28, reaching $165 billion by 2028. China is expected to grow at a forecasted rate of 1.7%, reaching $70 billion by 2028, while the non-China portion anticipates a more robust 3.3% growth, totaling $95 billion by 2028.

Sector-wise, the online video component is set to lead the way with a 6.7% CAGR, reaching $78.5 billion by 2028 for the entire region. Outside China, this growth rate is even higher at 9.2%, with a projection of $46 billion by the same date. In contrast, Asia’s TV industry revenues, encompassing advertising and subscriptions, are expected to experience a marginal contraction at -0.4% CAGR, amounting to $86.5 billion by 2028. Outside China, the downtrend is slightly steeper at -1% CAGR, reaching $49 billion by 2028.

Rise of Advertising in Online Video:

The report emphasizes the growing importance of advertising in online video, with a notable contribution of 51% to online video revenues in 2023. This is projected to increase to 54% by 2028 and to 63% in APAC excluding China, compared to 58% in 2023.

Major Players and Growth Potential:

Eight key companies, including Amazon Prime Video, ByteDance (TikTok), Disney, YouTube, iQiyi, Meta, Netflix, and Tencent, accounted for a significant 65% share of APAC online video revenue in 2023. The report identifies companies with substantial growth potential outside China, such as Jio Cinema in India, Zee and Sony in India (pending merger), Foxtel’s Kayo and Nine’s SVOD in Australia, Tving in Korea, Vidio in Indonesia, and Viu across Southeast Asia.

Strategic Investments and Evolving Landscape:

The study notes that strategic investments and private equity in the online video sector across various Asian markets are helping local and regional companies compete. The sector is also witnessing rationalization, marked by price increases in the subscription video-on-demand (SVOD) category, disciplined content and marketing investments, introduction of ad tiers, and the initiation of local market consolidation in Korea, Japan, and India.

In retrospect, the APAC video industry experienced a commendable 5.5% growth in 2023, reaching approximately $145 billion in total revenue. With a dynamic landscape driven by a surge in online video sales and the decline of traditional TV revenue, the industry is poised for further transformation. As the region embraces the online shift, advertisers and content creators are gearing up for a future where digital platforms play a central role in shaping the entertainment and media landscape. is a technology consultancy firm for design and custom code projects, with fixed monthly plans and 24/7 worldwide support.

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