Over-the-top (OTT) video subscriptions in Thailand appear to be going through the roof at present. According to new research from SpotX on the rise of OTT video within the Asia Pacific market, more people in Thailand are choosing to consume OTT media on-demand than watch live television. As technology evolves to make it easier to consume digital content on the go and the hectic everyday lives of people make it harder to commit to watching a series or show at a certain time, OTT video is ready and waiting to fill the void.
Some of the world’s biggest and most established streaming platforms are cementing their position in Thailand too. Thailand’s vibrant forex markets make it possible to do business with the likes of Netflix and Amazon Prime, which are based further afield in the US.
Forex, also known as foreign exchange, revolves around the conversion of one fiat currency into another. Forex sees currencies paired and traded against one another. The USD/THB and EUR/THB are both ‘exotic’ currency pairs in the forex trading industry, pitting the established greenback and euro against the emerging Thai baht. The availability to buy or sell both the USD/THB and EUR/THB makes it easier for global OTT video giants to immerse themselves in the Thai digital economy.
How Have the ‘Giants’ of the Global Ott Video Streaming Scene Fared in Thailand?
Netflix has been prominent in Thailand since early 2016, when it became one of the first leading on-demand streaming subscription services to enter the Thai marketplace. Netflix has remained the leading OTT video streaming platform in recent years, with Thai consumers particularly enamoured by the “Netflix Original” shows and the breadth of global content within its library.
HBO and Amazon Prime Video entered the Thai market in 2020. Both HBO and Amazon Prime attract attention from Thai consumers based on their seven-day free trial – a service not offered by Netflix. HBO Go is already regarded as the movie-lover’s video streaming service in Thailand, with Amazon Prime and Netflix generally the ‘jack of all trades’ across the entertainment spectrum.
More than half (51%) of Thai consumers now watch video content through OTT subscription platforms instead of local television networks. Almost three-quarters (70%) of all Thai consumers surveyed said they now watch some form of video content using OTT platforms. Approximately two-thirds (65%) of Thai viewers watch at least two hours of video content on OTT platforms daily, with OTT viewers watching over three hours daily at the weekends.
Three-fifths (60%) of Thai consumers surveyed prefer to watch OTT video content via their smartphones. There is a widespread feeling that the quality of video streaming on mobile devices is increasingly on par with cable or satellite TV quality. 87% of Thai consumers said the video quality on smartphone devices was comparable with televisions.
Bidmath, which conducted part of the research on the Thai OTT market on behalf of SpotX, found that the biggest uplift in video OTT subscriptions was from those aged 25-34. Advertisers have subsequently shifted their focus to the millennial and Gen Z market, investing heavily in OTT advertising because the uplift and response rates tend to be that much higher than programmatic video competitors.