The worth of Asia’s online video market exceeded $30 billion for the first time in 2020, new research shows, as revenue from paid subscriptions overtook ad revenue, again for the first time.
The Asia Pacific Online Video & Broadband Distribution 2021 report from Media Partners Asia (MPA) said revenue was up 14% in 2020, reaching $30.5 billion. Online subscription video-on-demand (SVOD) grew by 34% and was worth $16.3 billion. Revenues from China made up 58% of this.
- Excluding China, SVOD revenues rocketed by 47% during the year to $6.8 billion.
- Overall, MPA forecasts average annual growth in the region of 12%, with the market worth $54.5 billion by 2025.
- In China the number of subscribers is expected to grow from 298 million in 2020 to 375 million by 2025.
- Mobile content consumption was the initial driver of video on demand, but big-screen TV viewing is growing in importance.
While subscriber growth is forecast to slow in 2021, and the production of new content will be hit by the pandemic in the first half of the year, MPA says the scale and velocity of investment in premium content should ensure growth in new customers in the region over the medium term.
Sourced from Media Partners Asia