India is the third largest and most regulated video market in the world with a revenue generation of $13 billion, said the latest report released by Media Partners Asia (MPA).

According to the Asia Pacific Video & Broadband 2024 Report, the top two video markets are China ($64 billion) and Japan ($32 billion), followed by India, Korea ($12 billion), Australia ($9.5 billion), Taiwan and Indonesia (each $ 3 billion).

In a release, MPA said that the APAC video industry grew by 5.5% in 2023 as total revenue reached $145 billion with 13% growth in online video sector sales, partially offset by less than 1% growth in TV revenue pie.

The report, which measures users, subscribers, consumer and advertising expenditure across free TV, pay-TV, SVOD, premium AVOD and UGC / Social Video in 14 markets, projects that total APAC video industry revenues will grow at a CAGR of 2.6% between 2023 and 28 to reach $165 billion by 2028.

The APAC online video sector is projected to grow at 6.7% CAGR to reach $78.5 billion in value by 2028 or at 9.2% CAGR to $46 billion in APAC ex-China.

As per MPA, the six largest revenue-generating video industry markets by 2028 will be China, Japan, India, Korea, Australia and Indonesia, with all contributing an aggregate of over 90% to the Asia Pacific total.

The fastest growing markets over 2023-28 in terms of % CAGR will be Indonesia (7.3%), Philippines (6.2%), India (5.6%), Vietnam (4.6%) and Thailand (4.2%).

“The Asia Pacific video industry continues to experience a secular shift from TV to online in terms of engagement and monetization. Improved connectivity, rising connected TV (CTV) penetration combined with the growth of local creator economies, investment in premium local content as well as the wide availability of premium sports streaming, will continue to drive dollars and eyeballs online.

“Clear beneficiaries in the digital video economy include global and local technology and media companies investing in product and content with consumers at the forefront of their strategies,” said Vivek Couto, MPA Managing & Executive Director.

According to MPA, 8 companies had an aggregate 65% share of the APAC online video revenue pie in 2023: Amazon Prime Video, ByteDance (including TikTok), Disney, Google-owned YouTube, iQIYI, Meta (video), Netflix and Tencent. Ex-China, certain local players are competing successfully and have scale potential, including Jio Cinema and Zee-Sony in India, he added.