Spending on video content across seven major markets in Asia is projected to reach $15.1 billion by 2026, driven almost entirely by explosive growth in streaming and local film productions as traditional television budgets continue to contract. This shifting financial landscape is detailed in the latest "Asia Video Content Dynamics 2026" report released by Media Partners Asia (MPA), which offers a comprehensive look at the shifting paradigms of media consumption and financial investment across the region.
The expansive MPA study closely examines seven critical Asian markets: India, Indonesia, Korea, Malaysia, the Philippines, Thailand, and Vietnam. According to the research firm’s findings, overall content spending across these combined territories sat at $14.8 billion in 2025 and is anticipated to creep upward to $15.4 billion by 2031, marking a period of strategic recalibration rather than aggressive overall expenditure expansion.
Despite the rapid rise of digital platforms, traditional television still commands the lion’s share of total capital, capturing approximately 60% of overall spending. Online video trails at 30%, while theatrical film production accounts for the remaining 10%. However, regional concentration remains high. Korea, with an investment footprint of $6.9 billion, and India, contributing $5 billion, accounted for roughly 80% of the aggregate investment seen across the tracked markets in 2025.
Shifting Capital Toward Streaming and Local Content
Industry analysts emphasize that this economic shift is fundamentally about the reallocation of capital rather than an industry retreat. Demand for premium entertainment remains exceptionally robust across the board.
"The viewership data shows demand is intact," said Myat Pan Phyu, an analyst at MPA. "Premium VOD engagement continues to grow across India, Korea and Southeast Asia, streaming now leads content investment in India, and local stories are winning at the box office from Hanoi to Jakarta and Mumbai. This is a story of reallocation rather than retreat as capital moves toward streaming and local film, where both audiences and returns are growing."
Yet, the broader financial picture for media enterprises remains complex. While the region’s media businesses boast massive audiences and an abundance of creative talent, the MPA report points out that this extensive reach does not reliably translate into healthy, sustainable profits. Many long-established media corporations currently trade well below their equity book value. Moving forward, MPA suggests that the firms capable of building long-term value will be those that exercise strict capital discipline, trim unnecessary operating costs, and resolutely defend the specific content that sets them apart from competitors.
India Reaches a Historic Turning Point
India officially crossed a major milestone last year, marking a historic turning point for the region’s media economy. In 2025, online video captured 46% of India’s total content investment, successfully edging past traditional television’s 42% share to claim the top spot for the first time in history.
This financial shift was backed by massive viewer engagement. Indian audiences logged an astounding 420 billion hours of online video over the course of the year. Within this booming market, JioHotstar has established a commanding presence, capturing a 58% share of premium video-on-demand (VOD) viewing while amassing a subscriber base of more than 180 million paying users.
Other key regional markets are also seeing distinct streaming leaders solidify their positions. In South Korea, TVING has positioned itself firmly as the clear second-largest player behind global giant Netflix. Meanwhile, in Indonesia, homegrown platform Vidio commands its domestic market with more than 6 million paying subscribers and has maintained a positive EBITDA since the fourth quarter of 2025.
The Decisive Power of Sports Rights
According to the MPA report, exclusive sports rights serve as a primary differentiator for streaming platforms trying to stand out in crowded markets. Live sports continue to drive monumental spikes in digital engagement and subscriber acquisition.
In India, cricket played a vital role in boosting JioHotstar’s connected-TV reach by 26% during the 2026 Indian Premier League tournament. In Korea, securing exclusive broadcasting coverage for the KBO baseball league propelled TVING’s subscriber base from 5.3 million up to 6.5 million users, while Coupang Play has successfully curated the widest offering of premium sports content in the country.
In Southeast Asia, sports programming acts as a cornerstone for subscriber retention. Vidio incorporates Indonesian football alongside the UEFA Champions League and the Premier League across its pricing tiers. Meanwhile, in Vietnam, the broadcast of the FIFA World Cup drove a 22% increase in premium VOD viewing throughout the year.
Local Films Fuel Box Office Resurgence
The MPA report identifies local filmmaking as one of the clearest and most dynamic opportunities for commercial growth across the region. Theatrical markets are thriving on the strength of culturally resonant, homegrown storytelling.
In Vietnam, the overall box office grew by 20% to reach $213 million in 2025, with domestic titles capturing an impressive 69% of total ticket receipts. Indonesia experienced a similar boom, as box office revenues rose 10.5% to $325 million, driven by local films accounting for 60% of the market. India set a staggering box office record of $1.41 billion, while Korea is experiencing a substantial theatrical rebound in 2026 fueled by a much stronger domestic film lineup.
By contrast, traditional television continues to face structural headwinds. While people are still tuning in, advertising revenues are steadily slipping away. In Thailand, TV advertising expenditure dropped 18% to $422 million in 2025, leading MPA to note that several markets are currently carrying significantly more broadcast capacity than their incoming advertising revenue can sustainably support.
Production Pressures and Margin Squeeze
Content producers are also feeling the financial squeeze. As broadcasters and streamers grow increasingly selective about the projects they greenlight, independent companies that rely heavily on production fees are finding it difficult to maintain stability. Value in the production sector is steadily migrating toward integrated studios and creators who own their intellectual property, maintain repeat buyers, or generate revenue streams from multiple windows.
South Korea remains the most expensive place to produce content in Asia, where intense market competition has compressed drama profit margins down to between 5% and 10%. Although Southeast Asia offers a lower cost structure, tighter commissioning practices from platforms are impacting producers there as well.
"Asia’s video industries are not short of audiences or creative capability," said Stephen Laslocky, vice president at MPA. "They are short of structures that convert both into sustainable returns. As the margin for error narrows, management quality will become decisive. Companies that rationalize legacy costs through restructuring and the adoption of new technologies such as AI, collaborate where independent investment no longer makes sense and protect the content that gives viewers a reason to stay will increasingly outperform, and the valuation gap between winners and losers will widen."
Consolidation and the Path Forward
Among the seven tracked markets, MPA views India and Korea as the most advanced in terms of industry consolidation. India set a definitive regional precedent with the monumental 2024 merger of Reliance’s Viacom18 and Disney’s Star India, which created the joint venture JioStar, and analysts expect further mergers and acquisitions to follow. In Korea, industry stakeholders are looking toward the proposed combination of TVING and Wavve to unlock new structural value. Meanwhile, Southeast Asia has historically lagged behind in consolidation, though the report highlights clear opportunities for collaborative growth and market rationalization across the Philippines, Thailand, and Indonesia.
Separately, the MPA report suggests that corporate restructuring could unlock substantial hidden value for established media giants. For instance, reorganizing CJ ENM into four clearly defined, standalone business units could potentially support an equity valuation significantly higher than the company’s current market capitalization.
