Streaming in India Surpasses TV in Content Investment for First Time

Streaming in India surpassed television in content investment for the first time in 2025, accounting for 46% of the country’s video content investment compared with 42% for television, according to Media Partners Asia (MPA).

The shift marks a change in India’s video industry as capital increasingly moves towards online streaming and films. The findings are part of MPA’s Asia Video Content Dynamics 2026 report, which examines video consumption, theatrical performance, production economics and content investment across seven Asian markets.

Streaming Accounts for 46% of India’s Content Investment

India accounted for around $5 billion of video content investment across the seven markets covered by MPA in 2025. India and South Korea together represented roughly 80% of the regional investment pool, with South Korea accounting for $6.9 billion.

Across the seven markets, total video content investment stood at $14.8 billion in 2025. MPA expects the figure to rise to around $15.1 billion in 2026 and $15.4 billion by 2031.

The report described the shift in investment as a reallocation rather than a reduction, with virtually all incremental growth expected to come from streaming and film while television budgets decline.

Indians Streamed 420 Billion Hours in 2025

The growth in streaming investment is supported by significant online video consumption in India. Indian users streamed around 420 billion hours of online video in 2025, highlighting the scale of demand for digital content.

MPA said JioHotstar led India's premium video-on-demand category with a 58% viewing share and more than 180 million paying subscribers.

Sports continues to play an important role in driving streaming engagement. According to the report, JioHotstar's cricket-focused model increased connected-TV reach by 26% during IPL 2026.

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Local Films Emerge as Another Growth Driver

Alongside streaming, local films are emerging as an important area of growth across Asian markets.

India recorded a $1.41 billion box office collections in 2025, according to MPA. Vietnam's box office increased 20% to US$213 million, with local films accounting for 69% of revenue. Indonesia's box office grew 10.5% to $325 million, with local titles generating 60% of revenue.

MPA said the performance of local stories, combined with increasing premium VOD engagement, points to continued audience demand even as content production economics face pressure.

Television Faces Increasing Monetisation Pressure

Despite streaming's growing share of investment in India, television continues to account for a significant portion of video content investment across the seven markets.

Regionally, television represented around 60% of total video content investment, compared with 30% for online video and 10% for film. However, MPA said television monetisation is weakening despite substantial viewing levels.

The report noted that several television industries continue to carry legacy capacity that is difficult to support through existing advertising economics. As television budgets decline, streaming and film are attracting a larger share of incremental investment.

Content Production Model Shifts Towards Sustainability

The changing investment landscape is also affecting how content is produced.

Television and streaming platforms are becoming more selective in commissioning content, putting pressure on traditional production-fee models. At the same time, value is increasingly concentrating among integrated studios and producers with recurring demand, intellectual property ownership or diversified revenue streams.

The report suggests that the industry is moving away from a volume-driven production model towards one focused more strongly on sustainable economics.

Consolidation Gains Momentum in India

India and South Korea are among the markets showing the strongest movement towards consolidation, according to MPA.

The report said India has already seen a significant transaction, with scope for further mergers and acquisitions, while South Korea is considering the proposed TVING-Wavve combination. Southeast Asian markets, including Indonesia, Thailand and the Philippines, have been slower to consolidate but continue to present opportunities for collaboration.

MPA Vice-President Stephen Laslocky said the region's video industries continue to have strong audiences and creative capabilities, but face challenges in converting those strengths into sustainable returns.

Overall, MPA's findings indicate a significant reallocation of content investment towards streaming and local films, even as television faces pressure on budgets and monetisation. For India, the fact that online video accounted for 46 per cent of content investment in 2025 marks an important shift in the country's media and entertainment market.