OTT and online video streaming has been the new normal in the Asia Pacific region for quite a few years now. If we see the forecast of the entire Asia Pacific region, we will realize that the market size of the OTT and video streaming industry is going to be up by 90% in 2026, as compared to what it was in 2020.
Multiple attributes, like improving internet connections, the rise of smart TVs, and flexible OTT monetization models will help propel this upward growth.
In our study, we found that the OTT and video streaming industry in APAC will grow at a CAGR of 10.75% between 2023 to 2027. In 2022, the OTT market size in APAC stood at US $92.17 billion. If the growth rate meets the expectations, this market size will grow to US $107.60 billion in 2023. And by 2027, it is projected to reach US $161.90 billion.
Factors Responsible for Massive Growth of OTT & Video Streaming in APAC
Because of its high population density, the APAC region is one of the largest markets in the world. And the advancement of technology and economic development in the region is encouraging consumers to invest in online streaming services, hence increasing the prospect of OTT platforms in the region. Let’s take a look at some of the major factors influencing this growth.
Internet Penetration in APAC
Did you know that APAC has the highest number of internet users in the world? And not only the number of users, but the region has seen rapid growth in internet penetration rates as well!
For those unaware, internet penetration rates mean the percentage of the population who currently has access to the internet. Our study found that APAC had an overall internet penetration of 67.4% in 2022. To know more, read the complete report.
Connected Devices in APAC
A recent study conducted by Cisco suggested that there should be 13.1 billion networked devices in the Asia Pacific by 2022. Also, multiple other reports have found that the penetration of Smart TVs is increasing rapidly in Asia Pacific. Read the full report to know about the growth of connected devices in detail.
Multiple Monetization Models
From the very beginning, the OTT industry in APAC has focused on multiple monetization models, including Subscription, Ad-based streaming, and others. It is quite evident from the fact that a major chunk of the OTT revenue in APAC comes from Ad-based streaming, while subscriptions come in second position. Read our report to get a detailed comparative overview of the OTT monetization and revenue models in APAC.
Countries in Focus
The fastest growth in OTT and video streaming market in APAC will be demonstrated by China, India, and Japan. If you want to read about the OTT market in India, click here. In this blog, we will talk about China, Japan, and Australia.
OTT and Video Streaming Projection in China
According to market projections, OTT video revenue (including VoD, Free Ad-supported content, and Live Streaming) in China will stand at US $83.35 billion in 2023. It is expected to grow to US $127.91 billion by 2027, at a CAGR of 11.30%. Hence, by 2027, China will constitute around 50% of the total OTT revenue generated in the Asia-Pacific region.
OTT and Video Streaming Projection in Japan
According to data released by Statista, the OTT and online video streaming market in Japan will grow at a CAGR of 10.24% between 2023 to 2027. In 2022, the OTT and online video streaming market in Japan stood at US $8.70 billion. By the end of 2023, it is expected to grow to US $10.11 billion. It is projected to grow to US $14.96 billion by the end of 2027.
OTT and Video Streaming Projection in Australia
The Australian OTT and video streaming market will reach US $5.03 billion by the end of 2023. By 2027, it is projected to reach US $6.93 billion by 2027. The CAGR is expected to remain at 8.35% during this period.
In the report, we have talked about multiple growth attributes, leading OTT players, user demographics, device types used for streaming, major revenue models, and a lot more, about each of these countries. So, don’t miss it! Click here to download.
Leading OTT Players in APAC
By 2027, the following OTT platforms are expected to have an overwhelming number of subscribers in the APAC region:
- Local Platforms in China (all included)
- Amazon Prime
- Apple TV
Read the report to learn more about the projected subscription base of current market leaders, emerging regional players, and more!
To Sum Up
The OTT and Video Streaming market in APAC is growing vibrantly, and our OTT market projection report suggests that revenue from OTT and video streaming in APAC will grow at a CAGR of 10.75% from 2023-2027.
A major chunk of this revenue will come from Ad-Supported Video Streaming, followed by subscription-based streaming. The rise of connected devices, including Smart TVs, and improved internet connectivity in the region will assist this upward growth.
To know about the viewing trends and demographics of viewers, a detailed comparative study of the various monetization models, and a detailed growth forecast of each of these aspects, download our OTT Market Projection Report for Asia Pacific.