Content investment for India and East Asia’s theatrical film, TV and streaming markets will reach $15.5 billion in 2023, a new report shows. But spending slowed to a growth rate of just 4%, a significant slowdown from the COVID-driven investment spike in 2021-22.

The Asia Video Content Dynamics 2024 report from Media Partners Asia (MPA), which covers India, Korea, Indonesia, the Philippines, Singapore, Thailand and Vietnam, describes the slowdown as “a normalization of budgets and a rationalization of investments in local content in streaming VOD.”

India was the fastest growing market, with a robust 12% growth, driven primarily by sports content, while Indonesia followed with a 5% increase. Korea, the Philippines and Thailand posted modest gains. Malaysia and Vietnam experienced contractions due to challenging advertising markets.

Korea and India continue to dominate the landscape, accounting for 80% of total content investment in 2023.