Online video accounted for 46% of India's content investment in 2025; TV stands at 42%

Video content investment across seven major Asian markets is expected to reach $15.1 billion in 2026, with capital increasingly shifting towards streaming and local film, according to Media Partners Asia’s (MPA) Asia Video Content Dynamics 2026 report.

The report covers India, Indonesia, Korea, Malaysia, the Philippines, Thailand and Vietnam, examining television and online video consumption, theatrical performance, production economics and content investment.

MPA estimates that total content investment across the seven markets stood at $14.8 billion in 2025 and could reach $15.4 billion by 2031. Television continues to account for around 60% of spending, followed by online video at 30% and film at 10%. However, the report notes that virtually all incremental growth is coming from streaming and film, even as television budgets decline.

India has emerged as a key market in this shift. Online video accounted for 46% of India's content investment in 2025, compared with 42% for television, marking the first time streaming-led investment overtook TV. Indian users streamed an estimated 420 billion hours of online video during the year.

JioHotstar led India's premium video-on-demand category with a 58% viewing share and more than 180 million paying subscribers, according to the report.

Local films emerge as a growth area

India recorded $1.41 billion box office during the period covered by the report, while a stronger local film slate is also supporting a theatrical recovery in Korea.

The report says, production economics are also changing, with broadcasters and streaming platforms becoming more selective about commissioning. This is putting pressure on traditional production-fee models and concentrating value among integrated studios and producers with recurring demand, intellectual property ownership or diversified revenue streams.

‘Consolidation could reshape the market’

MPA also points to growing consolidation across the region, particularly in India and Korea. India has already seen a definitive transaction, while Korea is looking to unlock value through the proposed TVING-Wavve combination. The report also identifies potential opportunities for collaboration and consolidation in Indonesia, Thailand and the Philippines.

Stephen Laslocky, Vice President, MPA, said the region's video industries have strong audiences and creative capabilities but need structures that can convert those strengths into sustainable returns. He said companies that rationalise legacy costs, adopt technologies such as AI, collaborate where independent investment is no longer viable and protect differentiated content will be increasingly important as margins tighten.

Myat Pan Phyu (May), Analyst, MPA, said the data points to continued demand, with premium VOD engagement growing across India, Korea and Southeast Asia and local stories performing strongly at the box office. She described the shift as one of reallocation rather than retreat, with capital moving towards streaming and local film.