Asia Pacific video-on-demand subscriptions are set to climb from 221 million in 2018 to 407 million by 2024, according to Digital TV Research predictions.
“Three Chinese companies will top the Asia Pacific SVOD rankings by subscribers in 2024 – two of which will have more than 100 million subs,” according to the report.
“Never expected to operate as standalone platforms in China, Netflix and Amazon Prime Video will take fourth and fifth places respectively.”
Looking at the wider over-the-top video space in Asia Pacific, the Digital TV Research predicts that TV episode and movie revenues will jump from US$21 billion in 2018 to US$48 billion in 2024, increasing by US$5 billion in 2019 alone.
Advertising on VOD sites is expected to be the main source of OTT revenues in the region, with AVOD tipped to account for 52% of revenues by 2024 and SVOD for 39%.
“AVOD revenues will exceed SVOD revenues in China, India and Japan. China’s AVOD revenues will reach a staggering US$16.60 billion by 2024 – or two-thirds of the Asia Pacific total.”
The report added: “Asia Pacific SVOD revenues will climb from just under US$8 billion in 2018 to US$19 billion in 2024. China’s share will remain at about half of the total. India’s SVOD revenues will quadruple, but it will still be way behind the similarly-sized China.”
Overall, out of 22 countries covered by the research, China is expected to account for 57% of the Asia Pacific OTT revenue by 2024, while China and Japan combined are expected to account for 71%.