Will consumers in Asia Pacific pay for Quibi?
The content and video market in Asia Pacific highly fragmented and cluttered with a host of competing players. Those ranks have increased with the entrance of newbie Quibi, the video startup launched in April by Hollywood mogul Jeffery Katzenberg.
While platforms vie for market dominance, OTT video consumption has increased further amid Covid-19 stay-at-home measures, competition has only intensified. In late April, Netflix announced it added more than 15.7 million subscribers in the first three months of 2020, around the time the coronavirus outbreak (Covid-19) officially became a pandemic and nationwide lockdowns began across the globe.
With APAC’s diversity and many cultural nuances, Sharon Soh, head of integrated strategy and marketing for APAC at Universal McCann, says local content has been critical to success for many of the existing players and notes that recent consumption preferences have also shifted towards original productions.
“On the surface, Quibi appears to compete with other subscription-based OTT platforms like Netflix, Disney+ and the many more regional and local players in APAC. In reality, it will also be up against the likes of YouTube and TikTok, especially given its short-form video content,” she explains to The Drum.