Netflix to increase Asia content spending by 15%
What's the story
The OTT giant Netflix is set to increase content spending in Asia by 15% in 2023 after seeing an exorbitant rise in the region.
As per a report by Media Partners Asia, the Asia-Pacific region revenue has accelerated by 12% year-on-year. It has raked in $4B when compared with 9% growth in 2022.
Netflix's rise promises more Asian content.
Details
Australia to witness enormous growth in 2023
The Singapore-based research and analysis firm revealed that the OTT giant is benefitting from a rebound in the Australian market. The major players in Asia are Japan, South Korea, Indonesia, the Philippines, Thailand, and India.
MPA executive director Vivek Couto said, "The ad tier has seen a slow start in the three APAC markets. Australia is expected to see greater momentum through 2023."
Market
Japan is the key market for Netflix in Asia
Couto iterated that Japan being the second largest economy in Asia will contribute a lot. The OTT giant is working on content in Japan.
Amazon Prime Video is the leader in Japan's streaming market but Netflix has a good presence and a bunch of original content is ready with some ambitious anime.
Netflix's APAC investments will have a global impact on the company.