Copyright Variety
When HBO’s “The White Lotus” Season 3 set up shop in Thailand with a budget of $4-6 million per episode, it cemented the country’s position as Southeast Asia’s leading production hub in a creative industry generating approximately $1.4 billion across film, television, animation and streaming in 2024, according to Vivek Couto, CEO of Media Partners Asia, who presented findings from a comprehensive study conducted with Taiwan Creative Content Agency (TAICCA) at the Taiwan Creative Content Fest. The report reveals Thailand as Southeast Asia’s third-largest video market, trailing only Indonesia and Vietnam, with streaming platforms driving unprecedented growth while traditional broadcast struggles with structural decline. Couto disclosed that Netflix has invested an estimated $200 million in Thailand between 2021 and 2024, a figure he characterized as “relatively transformative” in driving IP creation and building local production capacity. The investment has enabled Thai series to travel across Asia, “effectively creating something of an export engine.” Thai content generated more than 750 million viewership hours on Netflix in 2024 alone, with over 15 Thai titles reaching the platform’s global top 10 non-English lists. The mystery thriller series “Master of the House” became the first Thai series to rank number one globally on Netflix’s non-English top 10 list in 2024. “Thai content continues to perform strongly with audiences worldwide,” Couto said, noting that local platforms True ID and Monomax are also investing in premium Thai originals alongside newer entrants like WeTV and iQIYI. The presentation highlighted two distinctive content trends driving Thailand’s streaming success: boy love and girl love genres, which account for nearly a quarter of the top 100 Thai titles, and the explosive growth of microdramas. “The microdrama format is growing a lot in Thailand and outpacing demand even in Indonesia,” Couto observed, noting that platforms like DramaBox and ReelShort are already pervasive in the Thai market. View, iQIYI and WeTV lean heavily into boy love content, with titles like “Four Minutes” and “My Love Mix-Up” traveling successfully across Southeast Asia. Couto suggested the genre aligns Thailand and Taiwan culturally, as “both markets are progressive, creative and open to emotional storytelling.” Thailand has established itself as the region’s premier foreign film hub, attracting over $100 million in annual spending and hosting approximately 2,500 film projects since 2019, generating over $1 billion. Couto cited Hulu’s “Alien: Earth,” which spent over THB3 billion ($92 million) locally — the largest foreign production in Thailand in more than 30 years — and HBO’s “The White Lotus” Season 3, as evidence of Thailand’s appeal for international series. The country’s competitive advantage stems from world-class crews, diverse locations and robust incentives, including a tiered cash rebate system that provides up to 30% for high-budget productions. The Thailand Film Office and Board of Investment coordinate to streamline filming permits, work visas and tax exemptions. Thailand’s animation industry generated approximately $170 million in 2024, powered by cost efficiencies and skilled local talent. Government support, including the 30% cash rebate scheme, has strengthened the ecosystem and attracted international investment. Major studios including Monk Studios, Igloo and Ink to Animation offer end-to-end services from storyboarding to post-production and frequently work with Disney, Netflix and major Japanese studios. Animation’s share of box office revenue has doubled from 9% in 2022 to 17% in 2024, led by Japanese anime and Disney sequels. “Many of these studios are very keen to co-develop IPs with foreign partners, moving beyond service towards co-ownership,” Couto said. In a notable shift, Chinese dramas now dominate engagement share in Thailand at 30%, with five Chinese dramas consistently ranking in the top 10. The trend reflects broader changes across Southeast Asia, driven by lower acquisition costs and strong performance on free tiers. “The RoI on Korean content is debatable now for certain platforms outside the Netflix ecosystem,” Couto explained, noting that Chinese content has been “cheaper and easy to buy” while Korean content acquisition costs have risen. WeTV and iQIYI have each grown to approximately 2 million paying subscribers in Thailand, leveraging freemium models and heavy investments in Chinese dramas and Thai boy love content. Couto identified several opportunities for Taiwan-Thailand collaboration, including boy love and girl love remakes or co-productions through studios like One Enterprise and BC World, Korean IP adaptations through True CJ, and animation partnerships with Monk and Igloo studios. “Thai producers are open to boy love, girl love and drama co-productions, as long as it’s aligned with the Thai cultural context and taste of the audience,” he said. The presentation noted that Taiwanese content currently accounts for about 1% of engagement demand in Thailand, “which could grow with more co-production and licensing.” The Thai video industry is projected to reach $1.5 billion by 2030, with streaming adding approximately $400 million in new revenue while television declines at about 7% annually. The streaming sector alone is expected to approach $900 million, making it the largest in Southeast Asia. Thailand boasts the highest eSport household penetration in Southeast Asia at 36%, growing to an estimated 47% by 2030. Connected TV reach and fiber-based broadband penetration continue to expand, creating fertile ground for premium content consumption. “Premium VOD engagement reached about 1.3 billion hours last year, up from about a billion in 2020,” Couto reported, noting that Thailand’s market trends toward iOS devices and big-screen viewing, indicating higher post-paid engagement compared to other Southeast Asian markets. True ID leads in transaction volume and subscriptions while repositioning as a micro-drama player. Monomax has experienced significant growth through Premier League sports investment, reaching 1.1 million subscribers by October — “the highest reach of any platform in Southeast Asia for Premier League.” The presentation concluded with emphasis on Thailand’s maturing creative ecosystem, supported by eight key government agencies coordinating to promote Thai soft power, expand cultural influence and drive media exports while attracting international talent and investment.
