Streaming and local cinema are absorbing nearly all new video content spending in Asia as television budgets shrink, according to a new report from Media Partners Asia.
The research firm expects seven major markets to spend $15.1 billion on video content in 2026, up from $14.8 billion in 2025. It projects $15.4 billion by 2031. The study covers India, Indonesia, Korea, Malaysia, the Philippines, Thailand and Vietnam. Television still claims about 60% of the total, with online video at 30% and film at 10%. The growth is slow and lopsided, though: nearly every incremental dollar goes to streaming and film. Korea, at $6.9 billion, and India, at $5 billion, made up roughly 80% of 2025 investment.
Box office data backs the shift toward local stories. India set a record with $1.41 billion in ticket sales. Indonesia’s box office rose 10.5% to $325 million, and local films generated 60% of it. A stronger domestic slate is fueling a theatrical rebound in Korea. Streaming has overtaken other formats as the leading destination for content investment in India.
Television tells the opposite story. Audiences still watch, but the revenue keeps slipping. Thai TV advertising fell 18% to $422 million in 2025, and MPA says several markets carry more broadcast capacity than their ad income can support.
MPA analyst Myat Pan Phyu framed the shift as “reallocation rather than retreat.” She said audience demand is intact, with premium video-on-demand engagement growing across India, Korea and Southeast Asia.
The financial picture is harder. Asian media companies command large audiences and strong brands, but the report finds that reach does not reliably turn into profit. Many established players trade well below their equity book value. MPA argues that the companies creating value will be those that allocate capital carefully, cut costs and protect the content that sets them apart.
The findings extend a pattern MPA has tracked for two years. Its 2025 report projected streaming would overtake pay-TV spending in the region for the first time, and the new numbers show that momentum holding while linear television weakens.
