Report: Asian video streaming market to grow to $48bn by 2023
The video streaming market in Asia, including advertising revenue and subscription fees, is set to more than double in the next five years, reaching $48 billion in 2023 compared with $21 billion this year, according to a report by Media Partners Asia.
The figures compare with the US market where online video is expected to climb to $51 billion in 2023 from $30 billion this year.
In Asia, China is expected to account for over 60 per cent of online video revenue and more than 75 per cent of direct-to-consumer subscription video-on-demand customers by 2023, despite foreign operators like Netflix being blocked from operating in the country.
Vivek Couto, author of the report, said: “Online video monetization is starting to scale, supported by rising investment in premium entertainment and sports as well as the growth of broadband and digital payments. Strong digital ecosystems are emerging, especially in China, while telcos are also becoming important aggregators of video services in markets such as Australia, India and Southeast Asia.”