With Tencent’s video game division seeing limited at growth at home due to a regulatory freeze that was put in place last year, the Chinese tech conglomerate has been looking to Southeast Asia for new revenue streams. The company has just announced that it will roll out on-demand video streaming services in Thailand, according to the Bangkok Post. It will be the first time for this product line to be available for users outside of China.
According to Statista, Thailand’s revenue for on-demand video over the next four years is set to go from 2019’s USD 133 million to reach a market volume of USD 146 million by 2023. Video streaming is predicted to be the largest segment of this market for this year.
Tencent already has its own data center in Thailand, and plans to invest in developments for its cloud and artificial intelligence services in the country.
This new video streaming business will be coming up against existing services like Netflix, Line TV, Hooq, and Viu.
Editor: Brady Ng