Television budgets fade, streaming holds firm, films steal spotlight

Asia's content spend to drop 2% to $15.8 billion in 2025 as streaming overtakes pay-TV: Media Partners Asia report

At $7 billion, South Korea will remain the biggest spender on programming across television (TV), films, and streaming in 2025. India comes a close second at $6.2 billion in a list of seven countries that also includes Malaysia, Indonesia, the Philippines, Vietnam, and Thailand. However, overall, the money spent on shows, films, and other programming will go down by 2 per cent to $15.8 billion in 2025 in these markets. 

A large part of this decline comes from the fall in investment in TV. Streaming platforms, too, are pulling back on costly originals as they focus on profitability. That means programming spend on streaming will remain stable, as it has for three years now.  Spending on films is expected to rise over 2024. Streaming will emerge as the single largest vertical for content investment in 2025 with a total spend of $5 billion, overtaking pay-TV across these markets. 

Those, among other things, are what Media Partners Asia’s (MPA’s) Asia Video Content Dynamics 2025 report points out. The subscription-only report was announced on September 11. 

“There are massive headwinds in TV. All markets are seeing a 10–20 per cent decline in revenues,” says Vivek Couto, executive director, MPA, pointing to the first of the major findings of the report. “All the major leaders — JioStar in India or CJ in South Korea — are doing very well. They will invest in TV but will keep it frugal. Streaming has momentum, but it is also under pressure,” adds Couto. 

Most streamers are prioritising profitability over growth while expanding advertising-supported tiers. Streaming might make up for revenue, but can it deliver the fat 30-50 per cent operating margins that TV did in the pre-pandemic era? That is the big question. 

The other big finding is the focus, across markets, on artificial intelligence to rationalise costs and push up both the top line and the bottom line. 

Among other highlights, India generated 21.5 billion hours of premium video-on-demand viewing in the second quarter of 2025, led by JioHotstar (56 per cent share), with Amazon (Prime Video and MX Player) holding a combined 25 per cent share. Sports remain a critical growth driver, with cricket continuing to anchor engagement. Netflix maintained leadership in most markets, capturing between 50 and 80 per cent of viewing in South Korea, Indonesia, Malaysia, and the

Philippines.