The attractiveness and freedom of being able to watch TV content outside of the home, along with increased streaming quality, have been factors which have driven consumers to opt for subscription-based online TV services over traditional broadcast TV. Consumers across the Asia Pacific region have explicitly stated they are more likely to use SVOD services rather than watch traditional TV. SVOD platforms offer a wider variety of television series and films, making them the preferred choice compared to traditional TV services.
Competition between platforms
As Asia Pacific adapts to new ways of enjoying TV content, the competition between regional and local video streaming platforms has increased. Netflix has enjoyed success in the Asia Pacific region, overstepping the billion-dollar mark in revenue. However, although Netflix currently remains the leading SVOD service throughout the Asia Pacific region, boasting huge numbers of Asian memberships, there are expectations that Asian platforms will eventually overtake Western platforms in terms of subscription numbers.
COVID-19 impacts and the future of SVOD
Recent, unprecedented events have created an increase in viewing times and habits among Asia Pacific consumers. The global outbreak of the coronavirus caused lockdown measures to be enforced throughout the Asia Pacific region. The restrictions placed among citizens during this period created an excess of free time, which has appeared to cause a surge in the viewing of streamed content. Despite the recent increase of SVOD consumption among consumers, there have been Asian platforms which have not been able to keep up with the leading performers of the SVOD industry. Singaporean-based HOOQ filed for liquidation due to regional competition; iflix was also bought by Chinese conglomerate Tencent. However, SVOD platforms such as Vidio, iWant, meWatch, and LineTV have experienced success in their own respective countries but not necessarily on a regional scale. Developing alongside the success of the SVOD industry in Asia, speculation has emerged of whether or not SVOD platforms will be able to keep the new customers which they acquired during the COVID-19 pandemic. Concerns have been expressed suggesting customers may cancel subscriptions post-COVID-19. However, the SVOD industry is still expected to accrue more subscribers in the Asia Pacific region by 2025, while amassing a sizeable market share. In this way it can be deduced that the SVOD industry in the Asia Pacific region will continue to develop and thrive in the years to come.