A comprehensive new report from Media Partners Asia (MPA), titled 'Asia Video Content Dynamics 2026,' reveals that content investment in India, Indonesia, Korea, Malaysia, the Philippines, Thailand, and Vietnam is expected to reach $15.1 billion in 2024, climbing to $15.4 billion by 2031. This represents a healthy increase from $14.8 billion in 2025, indicating robust growth despite underlying industry challenges.
The study highlights a clear reorientation of investment priorities: while traditional television still accounts for a substantial 60% of content spend, followed by online video at 30% and film at 10%, nearly all new growth is now concentrated in streaming and cinema. TV budgets, by contrast, are seeing a decline.
Driving this transformation is the explosive growth of online video platforms. India, for instance, saw streaming investment overtake television in 2025, with online video claiming 46% of content spend compared to TV's 42%. Indian viewers collectively streamed an astounding 420 billion hours last year, with JioHotstar leading the premium VOD market, especially during high-profile events like the IPL cricket season. Similarly, South Korea's streaming market is dominated by global giant Netflix, with local player TVING securing a strong second place, boosted by exclusive sports rights such as baseball.
Indonesia's Vidio also stands out as a success story, having achieved profitability and amassed six million paying subscribers, demonstrating the viability of local streaming services in competitive markets.
Beyond streaming, local film production is identified by MPA as "the region’s clearest growth opportunity." This trend is evident across multiple countries: Vietnam's box office surged 20% to $213 million in 2025, with local titles making up a commanding 69% of the revenue. Indonesia reported similar strong figures for its domestic films, while India celebrated a record-breaking box office total of $1.41 billion. South Korea, too, has experienced a "substantial theatrical recovery" this year, largely thanks to the appeal of its local productions.
Despite the audience enthusiasm and creative prowess, MPA notes that the region's video industries often struggle to convert this into "attractive financial returns." Many established media companies are trading below their equity book value, signaling a need for strategic adjustments. TV advertising, in particular, has seen a downturn, with some legacy television industries carrying more capacity than their advertising economics can sustain.
Stephen Laslocky, Vice President at MPA, emphasized this point: "Asia’s video industries are not short of audiences or creative capability. They are short of structures that convert both into sustainable returns." He suggests that companies that rationalize costs, adopt new technologies like AI, and protect their unique content advantages will be the ones to thrive. Myat Pan Phyu (May), another MPA analyst, added, "This is a story of reallocation rather than retreat as capital moves toward streaming and local film, where both audiences and returns are growing."
In essence, the report paints a picture of an industry in transition, where smart investment in digital innovation and culturally resonant local content is key to unlocking future success and sustainable growth.