Netflix and Local Films Push Asian Video Spend Past $15B—Who's Leading?

, spending on video content across seven major Asian markets is projected to exceed $15 billion in 2026. The report shows an increase from $14.8 billion in 2025 to $15.1 billion this year, with a further rise to $15.4 billion by 2031.

The jump is largely driven by streaming services and local film production.

The study breaks down the investment by medium, noting that television accounts for 60% of total spend, online video 30%, and film 10%. However, the analysis points to a shift, with incremental growth coming almost entirely from streaming platforms and domestic film as television budgets decline.

The seven markets—India, Indonesia, Korea, Malaysia, the Philippines, Thailand and Vietnam—command large audiences and host valuable brands, yet the report warns that many established media companies are trading well below equity book value. It suggests that not all audiences translate into attractive financial returns.

## Background & Context

Within the $14.8 billion projected for 2025, Korea represents $6.9 billion, while India accounts for $5 billion, roughly 80% of the total.

In India, streaming has overtaken television: online video accounts for 46% of content investment compared with 42% for TV. Indian audiences streamed 420 billion hours last year, with JioHotstar leading premium VOD viewing at 58%. Sports, especially the IPL cricket season, boosted the platform’s reach.

Korea’s streaming leaders are Netflix and domestic streamer TVING. Indonesia’s Vidio has been profitable since the fourth quarter of last year and leads its market with six million paying subscribers. TVING’s baseball rights helped expand its base from 5.3 million to 6.5 million.

## What People Are Saying

“Asia’s video industries are not short of audiences or creative capability. They are short of structures that convert both into sustainable returns. As the margin for error narrows, management quality will become decisive.

Companies that rationalise 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.” — Stephen Laslocky, Vice President, Media Partners Asia

“The viewership data shows demand is intact. 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.” — Myat Pan Phyu, analyst

Both analysts emphasize that capital is shifting toward streaming and local film, creating a clearer growth opportunity. Winners will likely outperform losers because of stronger management and cost rationalization.

## What Happens Next

The report notes that TV advertising is falling; several industries carry more legacy capacity than their advertising economics can support. Companies must rationalize costs, adopt new technologies such as AI, and collaborate where independent investment no longer makes sense.

With a forecast of $15.4 billion by 2031, streaming and local film are expected to continue dominating the market. Investors may look for firms that protect content advantages while reducing legacy overhead.

Overall, the study signals a strategic shift in how media companies allocate resources across the region, focusing on sustainability and higher return potential.

With streaming and local film driving investment gains, Asian video markets are poised for further transformation as firms adapt to new consumer habits and technological innovations.