The streaming trade delivered a big financial increase to Taiwan‘s artistic sector in 2023, contributing NT$9.7 billion (roughly $300 million) to the financial system whereas supporting greater than 100,000 jobs throughout the broader leisure panorama, in accordance with a brand new report launched Wednesday.
Worldwide consulting agency Frontier Economics unveiled the findings at a Movement Image Affiliation discussion board titled “How Streaming Providers Drive Taiwan’s Inventive Financial system” held in Taipei. The research reveals that video-on-demand platforms have change into integral to Taiwan’s audiovisual ecosystem, with market penetration reaching over 7 million subscribers.
The analysis signifies that 87% of web customers in Taiwan entry VOD companies not less than weekly, with regionally produced content material accounting for almost half (48%) of viewing exercise. This sturdy native consumption has prompted main world streaming platforms to considerably enhance their investments in Taiwanese programming.
“Taiwan’s audiovisual sector has a really promising outlook,” mentioned Clive Kenny, economist at Frontier Economics, in a video assertion to the discussion board. “The nation offers a mature financial setting, an brisk VOD trade, and is attracting substantial funding.”
The report discovered that the broader movie and tv sector instantly employed 31,132 individuals in 2021, with ripple results supporting roughly 103,000 jobs all through Taiwan’s financial system.
Nonetheless, discussion board individuals cautioned that the worldwide streaming panorama is getting into what they termed a “post-growth interval,” characterised by trade consolidation, rising subscription costs and the enlargement of advertising-supported fashions.
James Cheatley, MPA VP of VOD, digital affairs and mental property, emphasised the necessity for collaborative approaches over restrictive regulation. “In the present day’s report confirms that VOD companies are a strong engine for Taiwan’s artistic financial system – driving funding in native tales and expertise, and propelling Taiwanese content material to the world,” Cheatley mentioned. “To maintain this momentum, authorities and trade have to carefully collaborate on ‘market incentives’ and skillful ‘funding steerage,’ relatively than imposing restrictive laws that might, because the Frontier report warns, stifle development and cut back exports.”
Nationwide Taiwan College economics professor Feng Bohan highlighted how rising business fashions are accelerating native content material growth. “Knowledge reveals that when a market launches lower-priced, ad-supported plans, it results in a big enhance in viewing for native content material, inspired by zero or decrease price entry obstacles and attracting new customers preferring local-language programming,” Feng mentioned.
Atomic 76 managing director Yang Zhiguang underscored streaming platforms’ function in elevating manufacturing requirements. “Streaming companies are catalysts for upskilling, bringing worldwide requirements, new applied sciences, and artistic collaborations that elevate your entire trade,” Yang mentioned. “Taiwan’s creators are proving they’ll meet world demand when given the alternatives and help.”
The Frontier Economics research warns that heavy-handed regulatory approaches may undermine the sector’s export potential. The analysis tasks that imposing native content material quotas and different restrictive insurance policies on VOD platforms may cut back content material export income by 4.3%.
“Policymaking that will increase obstacles and restrictions should be approached with care, as this might dampen funding motivation for the trade,” Kenny added.
Discussion board individuals concluded that strengthening copyright safety, supporting expertise growth and infrastructure, and offering manufacturing incentives may create a constructive cycle attracting additional funding – establishing a basis for Taiwan’s globally influential “T-Wave.”
The report was commissioned by the MPA and carried out by Frontier Economics utilizing financial modeling, stakeholder interviews and a survey of 1,000 web customers in Taiwan.
The MPA’s member studios embrace Walt Disney Studios Movement Photos, Netflix Studios, Paramount Photos, Prime Video & Amazon MGM Studios, Sony Photos Leisure, Common Metropolis Studios and Warner Bros. Discovery. Charles Rivkin serves as chair and CEO.
