Tough competition of Southeast Asia's Streaming service
As global streaming services become more common, viewers in Southeast Asia can now easily access and consume a variety of content. The status of streaming service usage by country in Southeast Asia is as follows.
More than 14 million Malaysian subscribe to streaming services. The characteristic of Malaysian customers is that they consume a wide variety of content. They have a broad spectrum of tastes, from local Malaysian content to American horror movies.
Lately, the consumption of Korean content such as "Record of Youth" and "It's OK not to be OK" is most prominent via VIU and Netflix.
Thailand is assessed as a Content market with the largest potential among the countries of Southeast Asia. The latest COVID-19 crisis has resulted in an increasingly growing number of subscribers to streaming services in Thailand. In the case of Line TV, the number of subscribers increased five times compared to the previous COVID-19.
As Thailand has great potential, competition between global streaming services is intense, and Line TV / WeTV / AIS Play / Netflix are fiercely competing to attract new customers.
The Philippines has at least 12 streaming platforms on the market. Not only Apple TV+/HBO Go / Amazon Prime Video / Fox+, but also the traditional streaming service giant Youtube Premium accounts for a large part. Around 30 million Filipinos enjoy streaming services, but 10 out of 9 of them spend a lot of time on TV.
In Southeast Asia, the trend is slightly different from that of the global market, which is divided into Netflix and Disney+. Not only these two streaming giants, but there are also several other local and Chinese platforms that account for market share. Among them, Viu, a service provided by PCCW Media in Hong Kong, takes up a significant amount of market share.
The interesting point is that the main content consumed by Southeast Asian viewers via the streaming service is Korean content (especially K-dramas). As a result, as the usage of global streaming services in South East Asia rises, the popularity of Korean content will increase further. It is also noteworthy that this could also mean that partnering with Korean content can increase the potential to enter the South East Asian market.