The Asia Pacific media streaming market is predicted to reach USD 33.13 billion in 2024 and USD 53.53 billion by 2029, growing at a CAGR of 10.07% during the forecast period.
In Asia Pacific (APAC), India is expected to be the fastest growing market in the region during the forecast period. Data consumption in India is expected to grow from 24 trillion MB in 2020 to 145 trillion MB by 2026. With falling data rates and increasing penetration of smartphones in the country, which is about 27%, the video streaming market is expected to benefit considerably. developments. Furthermore, the country is experiencing an increase in internet penetration year over year, with mobile internet penetration expected to reach 55% by 2022 compared to around 30% in 2017.
Media Streaming is a multimedia service offered by ISPs to customers to enjoy uninterrupted multimedia services online. It allows the user to accept video, audio and multimedia content without downloading the files to their systems. Media streaming has its application for real-time entertainment, web browsing and advertising, gaming, social media, and online learning
The growth of the streaming video market is expected to increase during the Covid-19 pandemic due to the advent of 5G mobile technology and the rapid use of services like Disney+, Netflix and Amazon Prime for entertainment purposes.
According to Nokia, Disney +, a video streaming service provider, accounted for 8.0% of all video streaming services on European networks during the pandemic period.
Additionally, Netflix reported that the number of paid subscribers reached a new high of 15.8 million from January 2020 to March 2020 and an additional 7.0 million subscribers are expected to be added by the end of June.
The augmented adoption of high-speed Internet and the mounting popularity of television programs on the web, especially among the youth are creating opportunities that are supposed to increase the market boom for media streaming in the APAC during the forecast period.
The convenience of watching video content anytime, anywhere, the increase in mobile subscriptions and adoption of connected mobile devices, especially smartphones, and the rising need for original content and live streaming are some of the main factors that are driving the growth of the APAC video streaming market.
However, transmission interruptions, hacking, and reduced bandwidth or limited transmission speed are some of the major challenges hindering growth.
The continued spread of the coronavirus has had a positive impact on the streaming media industry due to home containment and quarantines. Providers have seen an increase in subscriber numbers and peak audiences in all regions due to increased demand for online streaming and changing consumers.
The COVID-19 outbreak is expected to have a positive impact on market growth as it has caused roadblocks in major cities around the world, prompting an increased need for entertainment. As a result, the audience for video streaming services has grown significantly around the world.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
10.07% |
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Segments Covered |
By Type of Service, Applications, End-Users, and Region |
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Various Analyses Covered |
Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, Rest of APAC |
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Market Leaders Profiled |
Netflix, Inc., IBM Corporation, Apple Inc., Amazon.com, Inc., Cisco Systems, Inc., Akamai Technologies, Google Inc., Roku, Inc., and Hulu, LLC. |
Of these, the video streaming sub-segment is expected to show the highest growth. This growth is mainly attributed to the growing popularity of on-demand entertainment services, such as movies, shows, videos and live games, on televisions and other portable platforms.
Today, the real-time entertainment applications dominate the regional media streaming service market. However, other application segments such as online learning and web advertising are also emerging as potential revenue streams due to their growing popularity among educational institutions and businesses. With the reduction in costs and the addition of additional innovative features, e-learning software is going beyond universities to include general business education.
The adoption of video streaming service among home users is driven by the wide availability of high-speed Internet access and the growing popularity of online TV shows among the young population of developed regions. Businesses and educational institutions are also witnessing rapid adoption of media streaming services and are expected to continue adopting these services during the conjecture period.
Increased investment in content creation has led to the creation of new content offerings. Increasingly, India is emerging as one of the hubs for content, with a lot of material created for consumption locally and around the world. For example, in June 2020, Tencent announced the content technology and resources of Malaysian video streaming platform Iflix to increase its presence in Southeast Asia.
According to the IMI-IFPI 2019 Digital Music Study, in India, audio streaming accounted for 39.4% of the time spent listening to music through all three methods (video streaming, audio streaming and radio), but has obtained 71.8% of the share of generated income. for them. In contrast, radio was responsible for 21.7% of listening time, but a share of only 2.9% of total revenue for the three modes of listening to music.
In addition, 97% of the population listens to music with a smartphone; 62% use social networking sites or apps to listen to music or watch video clips. This shows that the ongoing transformation towards digital media in the region is expected to continue to develop the media market continuously.
Some of the key players in this market are Netflix, Inc., IBM Corporation, Apple Inc., Amazon.com, Inc., Cisco Systems, Inc., Akamai Technologies, Google Inc., Roku, Inc., and Hulu, LLC.
In January 2019, Alphabets Inc.'s subsidiary Google Inc. partnered with LG Uplus Corp., which aims to invest in the development of virtual reality content to make its virtual reality content more accessible to consumers. of all the world. Under this partnership, LG Uplus is responsible for the production and planning of virtual reality content and the acquisition of marketing rights in South Korea, while Google Inc. is responsible for the acquisition of distribution rights from YouTube.
Frequently Asked Questions
The key drivers include rising internet penetration, the proliferation of smartphones, increasing demand for digital content, and the growing adoption of over-the-top (OTT) services.
Challenges include regulatory hurdles, content localization requirements, high competition, piracy issues, and varying consumer preferences across different countries.
Technology plays a crucial role, with advancements in internet infrastructure, 5G deployment, AI-driven recommendation systems, and improved streaming quality (e.g., 4K and HDR) enhancing user experiences and expanding market reach.
Future trends include increased investment in original and localized content, growth in subscription-based models, expansion of ad-supported streaming services, integration of interactive and social features, and the rise of niche streaming platforms catering to specific interests.
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