Leading streaming services among consumers Vietnam in Q2 2024
According to a survey by Decision Lab, as of the second quarter of 2024, YouTube was the leading streaming service in Vietnam, used by 68 percent of the respondents. At the same time, Facebook was the second most popular streaming platform overall, followed by FPT Play. FPT Play is a digital television application that offers a variety of copyrighted content, a service first introduced by FPT Telecom JSC, a subsidiary of Vietnam’s IT giant FPT Group.
Vietnam: OTT platforms on the rise
In recent years, Vietnam has witnessed a significant surge in the popularity of Over-The-Top (OTT) platforms. These platforms offer a wide range of content, allowing users to stream their favorite movies, dramas, and reality shows, catering to the preferences of the Vietnamese audience. One of the key factors driving the growth of OTT platforms in the country is the increasing internet penetration rate. A forecast showed that around 98 percent of the population would have access to the internet by 2028. OTT platforms have also benefited from the rising popularity of mobile devices in Vietnam. With the majority of the population owning smartphones, many OTT platforms have developed user-friendly mobile applications, making it easier for users to access and enjoy their favorite content on the go. While US-based streaming providers such as Netflix, Amazon Prime Video, and Disney+ continued to dominate the global subscription-based video on demand (SVoD) segment, local platforms, such as FPT Play and VTV Go, have the upper hand in Vietnam.
To pay or not to pay?
While paid OTT services have enjoyed rising popularity in the nation, many Vietnamese internet users still prefer freely accessible, advertising-based video on demand. YouTube reigned as the most dominant streaming platform for audio and visual content, including movies, across all generations in Vietnam as of the first quarter of 2023. However, more and more people are willing to pay for higher-quality and exclusive content, suggesting the continuing growth of the SVoD segment in the country. As these platforms continue to evolve and offer more diverse content options, they are likely to further dominate the entertainment landscape in Vietnam.
