Asia Pacific video-on-demand subscriptions are set to climb from 221m in 2018 to 407m by 2024, according to Digital TV Research predictions.
The research firm estimates that China will account for 289m SVOD subscriptions in 2024, with India and Japan providing a further 31m each.
“Three Chinese companies will top the Asia Pacific SVOD rankings by subscribers in 2024 – two of which will have more than 100m subs,” according to the report.
“Never expected to operate as standalone platforms in China, Netflix and Amazon Prime Video will take fourth and fifth places, respectively.”
Looking at the wider over-the-top video space, Digital TV Research predicts that TV episode and movie revenues will jump from $21bn in 2018 to $48bn in 2024, increasing by $5bn in 2019 alone.
Advertising on VOD sites is expected to be the main source of OTT revenues in the region, with AVOD tipped to account for 52% of revenues by 2024 and SVOD for 39%.
“AVOD revenues will exceed SVOD revenues in China, India and Japan. China’s AVOD revenues will reach a staggering $16.6bn by 2024 – or two-thirds of the Asia Pacific total.”
The report added: “Asia Pacific SVOD revenues will climb from just under US$8bn in 2018 to US$19bn in 2024. China’s share will remain at about half of the total. India’s SVOD revenues will quadruple, but it will still be way behind the similarly-sized China.”
Overall, out of 22 countries covered by the research, China is expected to account for 57% of the Asia Pacific OTT revenue by 2024, while China and Japan combined are expected to account for 71%.