That is according to Media Partners Asia (MPA), the research consultancy, which examined 16 Asia-Pacific markets and concluded that online video advertising and subscription revenue will increase from US$26bn in 2019 to $52bn in 2024, representing a compound annual growth rate (CAGR) of 15%.
As a result, MPA said it expected video streaming to contribute 33% of combined TV and online video revenue in Asia-Pacific by 2024, up from 18% in 2019, Rapid TV News reported.
And excluding China, online video is forecast to take a 25% share of the entire Asia-Pacific video market, up from 15% in 2019, while in China itself online video revenue is expected to grow 14% each year to reach $70bn by 2024 – largely because of increased uptake of subscription services.
China’s online platforms will expand their share of total video revenues from 29% in 2019 to 44% in 2024, MPA added. “China remains at the forefront in online video scalability and innovation, although monetisation models are starting to scale in other major markets,” said Vivek Couto, executive director of MPA.
“The growth of broadband connectivity and digital video platforms is driving new economic value for content creators, aggregators and sports-rights owners at a global and local level, helping seed digital ecosystems. That said, piracy and unpredictable regulation present key impediments to progress,” he added.
Turning to other important markets in the region, MPA forecast that video in India will register 8% CAGR from 2019, the fastest growth of all countries surveyed, with advertising and subscription revenues expected to be worth $20bn by 2024.
Even the more mature markets of Australia and New Zealand are expected to register a respectable CAGR of 5% from 2019, making their video markets worth $11bn in five years’ time.
Meanwhile, online video is growing 10% year-on-year in Japan and the country’s video industry is expected to attract $28bn in advertising and subscription revenue by 2024.
Sourced from Media Partners Asia, Rapid TV News; additional content by WARC staff