Japan’s Streaming Revenue Expected to Reach $7.2B by 2025, with Netflix in the Lead
Japan’s premium streaming market experienced significant growth in 2025, with revenues reaching $7.2 billion, marking a 15% increase, according to Media Partners Asia (MPA). This growth is attributed to the expansion of ad-supported tiers, an increase in local content, and the popularity of live events and sports.
At the forefront of this sector is Netflix, which holds a 22% share of the premium video-on-demand market. U-Next, the leading local player, accounts for 12%. Together, Netflix and Prime Video U-Next represent 50% of the market.
The overall streaming sector added four million subscribers in 2025, bringing the total to 67.3 million. Prime Video remains the largest platform by subscriber count, totaling 19.3 million, and it narrowly edged out Netflix in hours watched. Prime Video accounted for 22% of the 8.1 billion hours viewed, with Netflix trailing by 1%. The ad-supported service TVer garnered the highest viewership with 23%.
U-Next has a 7% share of the market, while Hulu Japan and Disney+ saw growth, reaching 5% and 3%, respectively. DAZN’s partnership with NTT Docomo’s Ahamo Max mobile plan also contributed to increased subscriptions in Japan.
MPA highlighted that Netflix maintains the highest user engagement, with average viewers spending nearly 20 hours on the platform. Last year, Netflix co-CEO Greg Peters noted that Japanese titles on the service have amassed a total of 25 billion viewing hours, making them the second most-watched form of non-English content globally.
In terms of genre, Japanese drama led the viewership, engaging 73% of users and accounting for 37% of total hours viewed. The immense popularity of anime is evident, with the series Spy x Family emerging as the most-streamed title in Q4 2025, reaching 50% of viewers and contributing 26% of hours.
TVer’s content largely focuses on live-action series and variety shows, while Netflix’s original series, such as Last Samurai Standing, along with Prime Video’s Love Transit, were noted for driving viewer engagement.
International films and series continue to play a significant role in the local market. Major U.S. titles like Wicked, A Minecraft Movie, and Stranger Things remain popular, with U.S. content reaching 22% of viewers and accounting for 6% of hours. Korean content matched this reach at 22% but made a slightly greater impact with 8% of viewing hours.
Looking ahead, MPA anticipates the effects of upcoming high-profile events, such as Netflix’s acquisition of exclusive local rights to the 2026 World Baseball Classic and TVer’s coverage of the Winter Olympics. U-Next is also increasing its focus on sports by securing rights to women’s golf majors and the English Premier League.
"Japan’s premium VOD market has reached a critical maturation point," stated Dhivya T, Lead Analyst and Head of Insights at MPA. "Growth is no longer just about net adds, but sophisticated monetization through ad-tier yields, telco bundling, and vertically integrated ecosystems."
She added, "The entry of major players like Netflix into live sports and the continued dominance of local anime and drama suggest that the next phase of competition will hinge on event-driven engagement and premium local storytelling."
