A connected audience
With constantly rising internet penetration rates throughout APAC, the region has experienced an acceleration in the consumption of video streaming services. Consequently, Netflix reported significant increases in its subscriber numbers across the region. Tencent has also been reporting a consistent quarterly subscriber count for Tencent Video, its SVOD site.
The rise of local SVOD and AVOD in APAC
Although American platforms such as Netflix and Amazon have dominated the global video streaming industry, Asian platforms are beginning to emerge into the video streaming market and services like Tencent, iQiyi, HOOQ, and Hotstar are providing competition to the Western SVOD leaders. These platforms have paved their way into the regional market by providing Asian consumers with local content. To further compete with Western platforms, some video streaming platforms across the Asia-Pacific region have begun to offer advertising video-on-demand (AVOD) services. This correlates with a consumer willingness to watch ads for each hour of free streaming content.