India is expected to emerge among the six largest revenue-generating video industry markets in the Asia-Pacific region by 2028, according to report released by Media Partners Asia. The report forecasts China, Japan, India, Korea, Australia, and Indonesia will be the top six revenue-generating markets for the industry, contributing over 90 per cent to the region’s total video industry market.

India is also expected to be among the fastest-growing video markets in the 2023-28 period, growing at 5.6 per cent CAGR in the region. The report released by Media Partners Asia (MPA) measures users, subscribers, consumer and advertising expenditure across free TV, pay-TV, SVOD, premium AVOD and UGC / social video in 14 markets.

“MPA projections indicate that total APAC video industry revenues will grow at a CAGR of 2.6 per cent between 2023-28 to top $165 billion by 2028 or at a CAGR of 3.3 per cent, excluding China, to top $95 billion. China will be increasingly mature and grow at 1.7 per cent to reach $70 billion by 2028, followed by Japan ($35 billion), India ($17 billion), Korea ($14 billion), Australia ($11 billion), and Indonesia (close to $4 billion),” the report noted.

In 2023, Indian video industry’s revenues were pegged at $13 billion. Vivek Couto, Managing & Executive Director, MPA, said: “The Asia-Pacific video industry continues to experience a secular shift from TV to online in terms of engagement and monetisation. Improved connectivity, rising connected TV (CTV) penetration, combined with the growth of local creator economies, investment in premium local content as well as the wide availability of premium sports streaming, will continue to drive dollars and eyeballs online. “

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In 2023, APAC video industry grew by 5.5 per cent to reach a total revenue of $145 billion. This growth was driven by the online video sector, which was partially offset by the less 1 per cent growth in the TV revenue pie. China remained the largest video market in APAC in 2023, generating $64 billion in revenue.

“Excluding China, the largest markets in 2023 were Japan ($32 billion), India ($13 billion), Korea ($12 billion), and Australia ($9.5 billion), followed by Taiwan and Indonesia,” the MPA report added.

“Amid the shift to online and the growth of CTV, traditional linear TV is under pressure with a number of territories not expected to see a meaningful return of TV ad dollars. Local broadcasters are capitalising through premium AVOD and, in certain cases, SVOD, most notably in Australia, India, Indonesia, and Japan,” he added. Scaled TV markets that are expected to still grow but at a much smaller pace include India, Japan, Korea, and Indonesia, Couto noted.