Revenues from television episodes and movies on over-the-top (OTT) platforms in the Asia-Pacific region will reach US$48 billion in 2024, up from the $21 billion recorded in 2018.
Total regional revenues from OTT TV episodes and films will increase by $5 billion in 2019 alone, according to a new study from Digital TV Research.
China and Japan will together account for 71% of revenues in the Asia-Pacific region by 2024. In total, China will command the lion’s share – having 57% of the revenues earned by 2024 in the 22 countries covered in the Asia Pacific OTT TV and Video Forecasts report.
Of the OTT platforms, advertising supported video-on-demand (AVOD) will bring in the most money, accounting for 52% of revenues. Subscription revenues for SVOD services will take 39% of the total share.
AVOD revenues will exceed SVOD revenues in the huge markets of China, India and Japan. China’s AVOD revenues alone will reach $16.60 billion by 2024 – or two-thirds of the entire regional total, suggests the report.
Asia Pacific SVOD revenues will jump from just under $8 billion in 2018 to $19 billion in 2024, with China’s share representing around half of this total. Although India’s SVOD revenues will quadruple, the Indian market will still fall some way short of the revenue generating power in China.
“We forecast 407 million SVOD subscriptions [an SVOD subscriber can have more than one subscription] by 2024, up from 221 million in 2018. China will have 289 million SVOD subs in 2024. India and Japan will supply a further 31 million each,” said Simon Murray, principal analyst at Digital TV Research.
Chinese entertainment services iQIYI, YouKu and TenCent Video will take the top three sports in the Asia Pacific SVOD rankings league. Netflix and Amazon Prime Video will take fourth and fifth places respectively – despite not operating standalone platforms in China.
Despite being fourth in the subscribers’ ranking, Netflix will have a slim margin to top the SVOD revenues’ chart in 2024. The top three platforms will account for 60% of the region’s $19 billion SVOD revenues by 2024, said Digital TV Research.
