The UK market research firm Digital TV Research released a report on Sept. 7 predicting that, by 2029, Chinese platforms will occupy the top four positions in global OTT revenue rankings excluding U.S. services: Tencent Video, iQIYI, Youku, and Mango TV, respectively. South Korea’s TVING is expected to rank fifth. Global OTT revenue is projected to reach $215 billion by then, while the U.S. market share is expected to fall to 38%.
Key Data from the Digital TV Research Report
According to Digital TV Research’s Sept. 7, 2026, report, total global OTT market revenue is expected to reach $215 billion in 2029. The report predicts that the top four platforms in global revenue rankings excluding U.S. services will all be Chinese: Tencent Video in first place, followed by iQIYI, Youku in third, and Mango TV in fourth. South Korea’s TVING is expected to rank fifth. The U.S. market share is projected to fall from 46% in 2023 to 38% in 2029, with the decline expected to be fully absorbed by China.
The report also noted that the global OTT market landscape, long dominated by U.S. platforms such as Netflix and Disney+, is expected to undergo a significant transformation by 2029.
China’s Domestic OTT Market Structure
As of September 2025, online video applications in China had 799 million monthly active users, making the country the world’s largest single OTT market. Global platforms are completely absent from the market. The Chinese government has established barriers to market entry through four mechanisms:
Legal bans: Directly restricting overseas OTT platforms from operating in China
Licensing system: Preventing foreign-funded platforms from obtaining legal broadcasting licenses
Content censorship: Requiring overseas content to undergo strict review before it can be legally broadcast
Technical restrictions: The Great Firewall effectively blocking overseas platforms’ technical access routes
In this closed environment, the five major platforms—Tencent Video, iQIYI, Mango TV, Bilibili, and Youku—collectively account for 93% of the market, forming a highly concentrated domestic ecosystem.
Content Localization and Investment Scale of iQIYI, Tencent Video, and Mango TV
Within the protected domestic market, Chinese OTT platforms have developed a relatively high degree of content autonomy. Data from iQIYI, known in the industry as the “Netflix of China,” shows that 65% of its major dramas in 2023 were self-produced, and this content contributed more than 80% of its annual revenue. Tencent Video invests more than 3 trillion Korean won annually in content production to ensure a stable supply of self-produced content. Mango TV, known for its variety shows, has also continued to expand its research and development and content development budgets.
Expansion into Southeast Asian and Middle Eastern Markets
Southeast Asia was the first target market for the overseas expansion of Chinese OTT platforms. iQIYI launched a global application targeting Southeast Asia in June 2019, while Tencent Video launched WeTV in Thailand around the same time. The appeal of the Southeast Asian market lies in its large population, sizable Chinese communities, steady demand for Chinese-language content, and relatively lower competitive intensity than in the U.S. and Europe.
In the Middle East and North Africa (MENA) market, iQIYI signed a content partnership agreement with Egypt’s mainstream Arabic streaming platform WATCH IT in May 2025 and established an official MENA branch in Dubai. During the same period, it launched a documentary based on archaeological evidence and focused on ancient Egyptian civilization, aligning its localized content with the preferences of MENA audiences.
Expansion into the South Korean and North American Markets
In South Korea, Mobile Index data shows that iQIYI’s monthly active users (MAU) approached 200,000 in January 2026, increasing 1.5-fold year over year and reaching a Historical High for two consecutive months. This growth was driven mainly by the popularity of Chinese television dramas among younger generations. iQIYI recently opened a pop-up store in Seoul’s Hongdae district, while MOA, the latest Chinese television drama distributor, achieved year-over-year MAU growth of more than 30% during the same period.
In North America, iQIYI has partnered with U.S.-based Roku TV since 2022 to provide content to audiences in Asia, North America, and South America. Youku ranked first in OTT monthly active users in the UK and Australia in 2021.
Frequently Asked Questions
What are Digital TV Research’s predictions for the size of global OTT revenue and the top four platforms in 2029?
According to Digital TV Research’s Sept. 7, 2026, report, global OTT revenue is expected to reach $215 billion in 2029. Excluding U.S. services, the predicted top four are Tencent Video, iQIYI, Youku, and Mango TV, respectively, with South Korea’s TVING ranking fifth. The U.S. market share is expected to fall from 46% in 2023 to 38%.
What mechanisms does the Chinese government use to restrict global OTT platforms from entering the domestic market?
According to the report’s analysis, the Chinese government has established barriers through four mechanisms—legal bans, a licensing system, content censorship, and technical restrictions, including the Great Firewall. These measures make it impossible for global platforms such as Netflix and Disney+ to operate legally in China, while the five major domestic platforms collectively account for 93% of the market.
What were iQIYI’s monthly active users and year-over-year growth in the South Korean market in January 2026?
According to Mobile Index data, iQIYI’s monthly active users in South Korea approached 200,000 in January 2026, increasing 1.5-fold year over year and reaching a Historical High for two consecutive months.
