On-demand Streaming Showdown: The Battle for Southeast Asia’s Eyeballs
Localized content, pricing and long-term staying power will determine who wins the hearts and screens of half a billion internet users
Southeast Asia is quickly becoming one of the hottest contested arenas for streaming platforms. With a massive, mobile-first population and a growing appetite for video content, the region, which boasts half a billion internet users, is drawing attention from global players.
Chinese and American streaming giants such as Tencent’s WeTV, Baidu’s iQiyi as well as Netflix and Disney+ Hotstar, are circling, pouring money into content, partnerships, and pricing models designed to win hearts and data plans. But local favorites like Vidio in Indonesia and TrueID in Thailand are standing firm, particularly in the mass market segment where pricing and local content are key.
According to Media Partners Asia (MPA), a research and consultancy firm, total viewership on premium video-on-demand (VOD) platforms in Southeast Asia rose by 7% to 440 billion minutes in 2024, while revenues climbed 14% to $1.8 billion. The number of subscribers, meanwhile, rose 12% to 53.6 million. The MPA report covers Indonesia, Thailand, the Philippines, Malaysia and Singapore.
Premium VOD refers to subscription-based platforms with licensed or original content. Indonesia remains the biggest market in this segment with revenues of $552 million last year, followed by Thailand with $473 million.
MPA estimates Netflix has about 12 million customers in Southeast Asia, with a 52% viewership share and 42% revenue share.
China vs the US: Different Roads
American and Chinese on-demand video operators are chasing the same audience but with different playbooks.
U.S. giants like Netflix, Disney+, and HBO Max lean on subscription-only models and global franchises. Their content appeals to affluent viewers in major cities, but adoption tends to be weak outside urban centers, where the payment infrastructure is often poor and viewers are more price-sensitive. (Disney+ Hotstar is the Disney+ service offered in many Southeast Asian markets).
Premium VOD operators charge a lot less for their content in Southeast Asia outside of Singapore. In Indonesia, for example, Netflix’s subscription starts at just IDR 54,000 (around US$3.31), compared to US$7.99 in the US.
In contrast, Chinese players like WeTV and iQiyi, as well as Hong Kong-based Viu, veer towards an advertising or “freemium” model that lets users stream content for free, with the option to pay for ad-free access, exclusive shows, or extra features. This approach allows these players to scale rapidly.
The Chinese, along with domestic players such as Vidio and TrueID, also place greater emphasis on Asian content such as shows from South Korea, Japan and China, which are either dubbed or subtitled for the benefit of local audiences.
S&P said in a report last year most Southeast viewers preferred freemium platforms.
“Despite the presence of bigger global players, local and regional services still managed to thrive by capitalizing on the diverse culture, viewer preferences and income levels present around Southeast Asia,” it said.
MPA said Korean series are hugely popular across both premium and freemium platforms, while Southeast Asian and Chinese content are on the rise in Southeast Asia, especially in the freemium space.
Lessons from the Departed
Unlike in earlier years, when streaming services went all out for market share, many in Southeast Asia have pivoted towards finding the right balance between expanding quickly and generating higher average revenue per user.
There have already been several casualties. One example is Hooq, backed by Singtel and once touted as a major regional contender. Hooq even partnered with popular consumer app Grab to embed entertainment into users’ everyday lives, but that still wasn’t enough.
Hooq shut down in 2020 after failing to overcome intense competition, high content costs, and ongoing struggles with monetization, especially in markets where converting users into paying subscribers proved difficult. The Covid-19 pandemic hammered the final nail in the coffin as Singtel decided to throw in the towel rather than pump in more money..
Malaysia’s iFlix faced similar challenges but had a different outcome; it was acquired by Tencent in the same year, which took over its trademark, content, platform, and resources. The deal supported Tencent’s broader push to expand its streaming service, WeTV, across the region.
Their exits sent a clear message: being local isn’t enough. In this market, you need staying power, smart content bets and relentless distribution.
Indonesia: The Streaming Frontline
If there’s one country that captures the complexity and potential of Southeast Asia’s streaming market, it’s Indonesia. The country, with more than 200 million mobile internet users, is a magnet for both global giants and regional contenders testing out their strategies.
Local favorite Vidio, which recently attained unicorn status, has carved out a strong position by leaning into live sports and local originals. Backed by a subsidiary of Sinar Mas, a huge Indonesian conglomerate, Vidio is the country’s largest VOD service in terms of viewership thanks to its aggressive push into live sports and original content. It has, however, yet to turn a profit, according to various media reports.
Vidio holds broadcasting rights to premium events like the English Premier League and UEFA Champions League, which it localizes by adding commentary in Bahasa. Last year, Vidio offered viewers coverage of the Paris Olympics. Vidio aims to launch 100 original series this year.
Disney+ Hotstar gained a foothold in Indonesia through bundling deals with Telkomsel, the country’s largest mobile operator, while WeTV and iQIYI leaned on freemium models to attract young, price-sensitive viewers.
Indonesia hasn’t always been easy to crack, and Netflix is a key example. When it launched in January 2016, it was blocked by state-owned Telkom across all its platforms, citing licensing and content concerns. The ban lasted over four years and only lifted in July 2020, after Netflix agreed to comply with local rules and partnered with Telkom.
Netflix is back in the game, but its early struggles are a reminder: operating in Indonesia requires not just a sharp understanding of what viewers want but also local knowledge and alliances to navigate the regulatory environment.
Looking ahead: The Evolving Landscape
Southeast Asia remains a critical battleground for video streamers aiming to expand their global reach. While revenue and subscriber numbers show strong growth, profitability continues to be elusive, suggesting that further consolidation and market adjustments are likely.
The fight for market dominance will play out on multiple fronts as companies can’t just focus on hyper-localized content. Strategic partnerships will be crucial for navigating this vast, fragmented market. Finding the right pricing structure is also paramount, given the significant income disparities across countries and even between urban and rural areas within the region.
Ultimately, consumers in Southeast Asia will continue to be spoiled for choice, benefiting from the intense competition. This abundance of options is likely to persist until market forces inevitably lead to some form of consolidation among the key players.
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