Max Launches Successfully in Southeast Asia But Netflix Still Dominates the Region
Max’s long-awaited stand-alone launch in Southeast Asia proved to be a success, with Warner Bros. Discovery’s streamer capturing 1.4 million subscribers in the region in Q4 2024, according to new research.
In The Southeast Asia Online Video Consumer Insights & Analytics Report published by Singapore-based media consultancy Media Partners Asia (MPA), Max entered five Southeast Asian markets — Thailand, Malaysia, Indonesia, Singapore and the Philippines — in November 2024 and captured 26 percent of Q4 net customer additions for streaming services in SEA. Max launched with key titles such as House of the Dragon, The Big Bang Theory and Friends, and its success was driven by a strong performance in Thailand, according to the report. MPA predicts that Max will continue to see increased engagement and subscriber growth in 2025 as the service rolls out new originals, most notably the Thailand-set third season of HBO’s wildly successful The White Lotus, and as more and more WBD pay-TV customers activate the Max app in the key SEA markets.
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Despite a strong start for Max, the streamer has a long way to go to get near Netflix, the dominant player in SEA. MPA says that Netflix captured 48 percent of Q4 2024 net customer additions in SEA, fueled by a strong content slate, including Korean and U.S. films and series, as well as a rapidly expanding library of local original productions. As it has with bigger Asian markets like Japan, South Korea and India, Netflix has committed to increasing its production footprint in SEA markets and announced 14 original productions for Indonesia and Thailand in 2025. The report states that Netflix ended the 2024 calendar year with just less than 12 million customers combined across SEA’s five markets.
The report states that Netflix leads the SEA category with a commanding 52 percent viewership share and 42 percent revenue share. However, the MPA adds that streaming competition is growing, particularly in Indonesia and Thailand, from local players like Vidio, which led the Indonesia market with 4.7 million subscribers in 2024, and regional players like Viu, which ended 2024 with 9.5 million customers in SEA. Disney+ continues to maintain a robust 10 percent category revenue share in SEA as it has repriced and repackaged its service, the MPA adds.
The MPA says that Q4 2024 was a period of significant expansion for streamers generally, with 3.2 million net new SVOD subscriptions added, bringing the regional total to 53.6 million in SEA, a 12 percent year-on-year increase. Growth for streaming was fueled by Indonesia, the Philippines and Malaysia, in particular. The report states that SVOD revenues (which includes subscriptions and advertising) surged 14 percent in Q4 2024 to hit $1.8 billion, with Indonesia ($552 million) leading the way, followed by Thailand ($473 million).
“Southeast Asia’s streaming landscape is evolving rapidly,” said Vivek Couto, executive director of MPA in a statement. “While Netflix has solidified its leadership position, the category is growing with the entry of Max and the scaling of local and regional platforms like Vidio, Viu and TrueID. The next phase of growth will be fueled by the expansion of connected TV and home broadband penetration. Continued investment in local/Asian content and premium sports, led by Netflix and key local and regional platforms in Indonesia, Thailand and Malaysia, will further stimulate growth. The industry is also exploring new strategies focused on shortform content and bundling partnerships to attract and retain subscribers.”
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