Asia-Pacific pay TV growth stagnates in 2025, outlook to 2031

S&P Global Market Intelligence Kagan expects the Asia-Pacific pay TV industry to remain broadly stable over the coming years. Subscriber losses in developed markets, driven by intensifying streaming competition, are partially offset by continued growth in select emerging economies. As a result, the sector’s resilience will increasingly depend on premium offerings and bundled services rather than large-scale subscriber expansion.

Emerging Markets Drive Stability as Mature Markets Decline

Developed APAC pay TV markets are in decline, while emerging markets help sustain regional momentum. Despite overall subscriber erosion in mature markets, several developing economies continue to add users by leveraging service bundles and premium packages. The fragmented regional landscape leaves the multichannel subscriber base largely stable at 661.8 million in 2025, even as household penetration continues its gradual decline. Pay TV revenues remain resilient, supported by higher-value tiers in select markets, while ARPU trends upward. Meanwhile, the share of household income spent on pay TV services has declined, as services become more affordable with the market’s gradual maturation.

As the industry increasingly prioritizes monetization converting existing subscribers into higher-value tiers and strengthening bundled offerings, the Asia-Pacific pay TV market is expected to see modest long-term growth in revenues and ARPU even as overall subscriber expansion remains limited.

IPTV grows in fiber-rich markets as cable and DTH face pressure.

Cable remains a major platform but continues to face long-term decline due to OTT-driven cord-cutting. Its market share is under pressure as viewers migrate to IPTV and smart TV services, with operators competing through pricing and bundled packages. Mainland China continues to lead the regional cable market, followed by India.

IPTV has emerged as the fastest-growing segment, driven by investments in fiber networks, content expansion, and flexible service offerings. These strategies have allowed IPTV to offset declines in cable and satellite, solidifying its role as a key growth driver.

Direct-to-home (DTH) services continue to serve rural and underserved areas, maintaining relevance where broadband access is limited, particularly in India. Alternative platforms such as fixed wireless TV and digital terrestrial television (DTT) remain small, although free-to-air DTT is steadily expanding in markets like Mainland China, Japan, Indonesia, and India, supported by government digital switchover initiatives.

Operators Adjust Strategies Amid Shifting Market Dynamics

Market concentration remains high, with the top 15 operators holding 52% of subscriptions in 2025. Mainland China dominates through IPTV leaders China Telecom, China Unicom, and China Mobile, while India’s traditional DTH operators faced declines and hybrid providers maintained stability. Across the region, leading operators focus on retaining high-value subscribers, whereas mature DTH and cable providers gradually lose ground.

Structural shifts in markets and steady revenue expected by 2031

Australia experienced the steepest pay TV contraction in 2025, followed by declines in India, New Zealand, and Malaysia. In contrast, emerging markets such as Indonesia, Hong Kong, Thailand, and Myanmar continued moderate subscriber growth.

Looking ahead, the Asia-Pacific pay TV market is expected to undergo gradual structural changes rather than major disruption. Total subscriptions are projected to decline by approximately 0.76% between 2025 and 2031, while revenues are expected to grow modestly, supported by bundled offerings and in-house streaming platforms that enhance retention and ARPU. Operators focusing on innovation, flexible bundles, and digital integration are expected to remain competitive, even as ARPU growth varies and the share of household income spent on pay TV continues to decline.

Already a client? Click here to access the full article, including detailed paytv data presentations, market analyses and forecasts.

Global Broadband & Pay TV is a regular feature from S&P Global Market Intelligence Kagan.