Online video revenue — predominantly from film and TV subscriptions as well as advertising — in the region will increase by 24 percent in 2019, making it worth $27 billion annually, according to a report by Couto’s firm.
That figure is predicted to hit $50 billion by 2024.
China accounts for around 59 percent of revenue for the region in 2019, according to the report –- but its strict regulations make access difficult for outside players with local platforms iQIYI, Tencent Video and Youku dominating.
Google-owned YouTube earns the largest share of revenues in Asia, but Netflix, Amazon Prime and Disney’s Indian platform Hotstar have all experienced significant growth in the past few years.
“Local content has historically been the preserve of large incumbent TV networks in markets such as India, Japan and Korea but as content and consumption moves online the availability and creation of premium local content becomes important,” said Couto.
He added this would drive up demand, and create opportunities for subscription streaming and for advertisers.
HBO Asia had the world premiere of its star-studded Malaysian co-production “The Garden of Evening Mists” at BIFF.
The film is pan-Asian by design — starring Malaysian Lee Sinjee, Japan’s Hiroshi Abe, and Taiwan’s Sylvia Chang — but global in ambition.
“VOD platforms widen the distribution and amplify the presence of these Asian films to global audiences,” the film’s producers said in a statement to AFP.
Netflix is rolling out 17 Asian productions, with the platform’s first series from Thailand expected to debut by the end of the year.