Thailand becomes the world's market leader for "Y-series", expected to generate over 4,900 million baht in revenue in 2025

SCB EIC expects that the proportion of Y-series to the value of Thai entertainment media production will increase from 0.7% in 2019 to 3.9% in 2025, or grow by about 17%YOY, with a total market value of more than 4,900 million baht.

Kiratiya Krongkaew Analyst, Economic and Business Research Center, Siam Commercial Bank (SCB EIC) revealed that Y Series, a Thai entertainment business worth watching Y-series is one of the phenomena that is currently trending in the era of equality. It is not only a trend in Thailand, but has also gone international to the world level. Moreover, the popularity of Y-series tends to increase continuously, resulting in the production of Y-series content becoming a business that pushes the Thai entertainment media business to grow further than before in the future.

Kiratiya Krongkaew, Analyst

In the past, the total income of Thai film and series producers has grown exponentially and is likely to continue to expand. 17%YoY in 2025, total value more than 4,900 million baht Following the popularity of Thai BL series, both Boy Love and Girl Love, which are increasing both in Thailand and abroad, the transition to the digital age is an important factor that allows Thai entertainment media to reach more viewers online via OTT (Over The Top) services or streaming platforms.

Although the income of film and series producers currently does not account for a high proportion of the overall value of Thai entertainment media production, it has a tendency to increase continuously every year, from 0.7% in 2019 to 3.0% in 2023 and is expected to increase to 3.9% in 2025, which reflects that the film and series business is one of the opportunities that will help drive the overall Thai entertainment media production business to grow further in the future.

The success of Thai BL series has helped push the overall value of Thai entertainment media production to grow, which is expected to expand by around 4.1%.YoY in 2025 is 1.26 billion baht. (Figure 3) In the past, Thai entertainment media production has been affected by the COVID-19 pandemic and social distancing measures, causing some entertainment media production to temporarily halt, resulting in a -12%YOY contraction in the value of entertainment media production in 2020, in contrast to the exponential growth in revenue from film and series production. In addition, due to the success of the Y-series, which has a global audience base on online platforms, Thai entertainment media producers have turned to producing more Y-series, and it can be said that the production of films and series is an important part of driving the value of entertainment media production to gradually recover and return to normal levels in 2023, and to continue to grow in the future.

It also creates an opportunity to increase revenue for businesses related to film and series production, such as location rental businesses, production equipment rental businesses, and post-production businesses such as video editing equipment.

Thai BL series, number one, captured the hearts of people all over the world.

The positive reception of Thai BL series from viewers in many countries has led to more BL series being produced and released to the market. Currently, the Thai BL series trend is growing and quickly winning the hearts of viewers, not only in Thailand, but also abroad, from being able to be viewed simultaneously around the world via popular streaming platforms such as Youtube, WeTv (China), iQiYi (China), VIU (Hong Kong).

Including platforms that present specific content to the LGBTQIA+ group, such as Taiwan's GagaOOLala, which caused Thai BL series to trend on social media in many countries during its broadcast period, such as the boy love series "KinnPorsche The Series", which was trending X No. 1 in Thailand and Indonesia, and No. 4 in Turkey, and "HighSchool Frenemy", which was trending X No. 1 in Thailand, Vietnam, Malaysia, and had the highest viewership number on VIU for 1 consecutive weeks, including the girl love series "Pluto, Tales, Stars, Love: Episode 4", which was trending X No. 1 in Thailand and Malaysia, and top 1 in Vietnam, Brazil, and the Philippines.

Therefore, with the good response from viewers around the world, it has attracted Thai entertainment media producers to be interested in riding the popularity trend and continuously producing more Boy Love series, especially Boy Love series that have been aired more than 50 series per year since 2022. As of now, Thailand has more than 300 Boy Love movies, series, and short stories aired. In 2024, Thailand accounted for about 55% of all Boy Love series aired in Asia, followed by Japan, South Korea, and Taiwan, which accounted for about 28% together, and are also Thailand's major competitors in the Boy Love series market (Figure 2).

While Thai Girl love series are also starting to gain popularity, as reflected by the statistics of views on Youtube as of November 2024 of “Blank เติมคำรักลงพนัน” which has an average of 5.8 million views per episode, similar to the Boy love series “we are คือเรารักกัน” which was first released around the same time, which has an average of 6.8 million views per episode. In 2024, more than 40 Thai Girl love movies, series, and shorts were broadcasted, or 60% of Asia, followed by the Philippines, which is one of the countries that is a major viewer base for Thai BL series (Figure 3).

Why are Thai BL series popular in many countries? ?

The key factors that have contributed to the immense popularity of Thai BL series, with a strong audience base in Thailand and the expansion of popularity to many other countries around the world, include:

• Presenting a story that can openly express the relationships between characters Due to Thai culture that accepts sexual diversity and is open to the expression of the LGBTQIA+ group in entertainment media, which is consistent with the results of the 2024 Ipsos LGBTQIA+ survey report from a sample group in 23 countries around the world, it was found that Thai people have views that support the LGBTQIA+ group, ranked among the top in the world in many areas, such as protection from discrimination, equal marriage, and adoption of children by same-sex couples.

In addition, the fan service strategy, such as openly expressing the closeness of the Y actors at various events such as series launches and fan meetings, makes the audience “imagine” or imagine the relationship of the actors. This is another force that makes Thai Y series and actors more popular than expected.

• Creating works with new and unique stories all the time With more than 50 new works released per year, it reflects the high competition in the Thai BL series market and is a driving force for series producers to continuously create different and higher quality works in terms of storyline, script, and filming techniques.

Currently, in addition to presenting content from a bright teenage love perspective, Y-series producers have also begun presenting content in various genres, including drama, action, detective, and fantasy.

In addition, important social issues are increasingly integrated into the story, such as promoting gender diversity and exposing social issues, making Thai BL series today have a wider range of options and more interesting to follow.

• The popularity of streaming platforms has made it easier to reach target audiences. As the world and Thailand enter the full digital age, consumers have greater access to the internet. According to GSMA, the world's internet penetration rate grew from 50% in 2018 to 66% in 2024, and Thailand's internet penetration rate grew from 58% in 2018 to 88% in 2024. This is an important reason why online entertainment viewing has become rapidly more popular, as reflected in the number of streaming platform users that continues to grow.

In 2023, Netflix users grew by around 6%YOY, and the GagaOOLala platform saw a 33%YOY growth in users, especially users from India, which increased by 40%YOY. In 2024, WeTV users grew by more than 14%YOY.

In addition, the audience of movies and series has created online communities on social media to share their favorite series, express their feelings and exchange opinions while watching the series during the broadcast, including updating the schedule of the actors to gather to support them at various events, resulting in trends related to the series and the popularity of the actors.

Business opportunities from the success of the Y series

The success of Thai BL series not only helps push the Thai entertainment media production business to grow, but also helps create opportunities for other businesses to follow the BL series trend and grow as well, such as:

1. Book business in both printed and online platforms (e-book) Many BL series are adapted from novels or comics that were previously popular with readers, such as Wan Dee Wittaya, 23.5 Degrees That the World Tilts, and PLUTO: Tales, Stars, and Love. This makes series that adapt their plots from novels or comics gain interest from the original reader base, and in turn, helps attract series viewers to read the original novels and comics. This creates opportunities for writers and cartoonists to expand their reader base and create new works.

Currently, there are more than 3,800 BL novels, both Boy love and Girl love, sold on book selling websites and online platforms. In addition, data from the 52nd National Book Fair in April 2024 found that BL novels received the second highest interest from readers, or about 21%, after general novels, reflecting the popularity of Thai BL series and novels that are going in the same direction.

In addition, data from the Association of Publishers and Booksellers of Thailand indicates that although the current proportion of the value of Boy Love and Girl Love novels is only 30% of the total value of novels, the reader base of BL novels is quite strong and is ready to pay even though the average price per book is higher than general novels. Cooperation between the book business and BL series producers, such as launching the series with book promotion and selling books at the actor's fan meet, will help attract more series fans to read books.

2. Business continuity from promoting the Y series For example, fan meets, concerts, and series launches that help generate income for the MICE (Meetings, Incentive Travel, Conventions, Exhibitions) business or event organizing business, including event venue rental business. From the figures of the Y series events of GMMTV, a major producer of Thai Y movies and series during 2023-2024, there are no less than 35 events in Thailand, including events for fans to watch the last episode of the series together with the actors, fan meets, concerts, which does not include fan meets and concerts held in foreign countries such as Japan, Indonesia, Singapore, the Thailand Convention and Exhibition Bureau (TCEB) has predicted that the value of the Thai MICE business market in 2025 will be around 2 billion baht.

In addition, businesses that benefit also include the production of merchandise and souvenirs from the series, such as clothes, accessories, posters, photo books, and merchandise that characters use in the series such as dolls, key chains, blankets, and drinking glasses, to sell to fan clubs and collectors. In addition, fans of the Y series also have a culture of supporting the artists during the filming of their work and on special occasions by sending food support, both food and drinks, to the artists at concerts, promotions for new works, and artists' birthdays. Therefore, the food and beverage business in the form of Food trucks has also received positive results.

3. Advertising business Both radio and television advertising, online advertising, and out-of-home advertising, with brand owners ranging from daily consumer goods, mobile phones, to luxury brands around the world, are following the trend and investing in advertising money to attract more Y-actors to be presenters or brand ambassadors of their products. With the fan base of Y-actors being quite strong and being around the world, as reflected by the number of Instagram followers of many Y-actors, which is more than 5 million, and some have even exceeded 10 million, making Y-actors become influencers of their fans, which promotes brands with Y-actors as presenters/brand ambassadors to gain more attention.

In addition, outdoor advertising media has also received positive results from the Y-series trend, as outdoor advertising media is a popular platform for communication between fans and famous actors, who often use billboards to greet, show their appreciation and support. In addition, actors also use billboards to express their gratitude to their fans.

4. Other businesses that benefit from the soft power of the popularity of the Y series It is undeniable that the phenomenon of Y-series has made Thailand more well-known to series viewers around the world and has helped generate income for other businesses, such as tourism businesses such as hotels, restaurants, shops, tourist attractions, and airlines, from traveling to follow the series filming locations and participating in activities related to the Y-series in Thailand by both Thai and foreign fans.

Tourism businesses can penetrate new markets by offering services that can meet the needs of tourists who are fans of the Y-series in particular, such as creating tour packages that follow the series, accommodation packages with transportation to and from concert or fan meet venues, or collaborating with event organizers to offer accommodation packages with concert or fan meet tickets, etc.

 Opportunities and challenges for Thai BL series in the future

Y-series is one of the Thai entertainment media businesses that has potential for growth and has the opportunity to develop further in the future, especially expanding the export market to new markets that are more interested in Thai Y-series. This is reflected in the launch of a new Y-series that will be broadcast in 2025 by GMMTV, which was trending at number 1 in many areas in Europe such as Spain, Poland, and South American countries such as Brazil, Ecuador, Guatemala, Mexico, Peru, and Puerto Rico. In addition, India is a group of viewers with high growth potential from users of the Gagaoolala streaming platform in 2023, which increased by 40% YOY. Therefore, it is an opportunity for Thai Y-series to expand their audience base. However, good opportunities come with high competition, which Thai Y-series producers must quickly develop themselves to seize opportunities to grow in new markets and maintain their audience base in existing markets continuously.

Thai BL series producers need to reach out and understand a wider audience to seize opportunities to penetrate new markets. Both the addition of more diverse language subtitles, such as Spanish, Portuguese, and Hindi, as well as partnerships with foreign streaming platforms, not only allow Thai BL series to continuously reach audiences around the world, but foreign streaming platforms are also currently investing in quality series producers to produce BL series with diverse content presentation formats that meet the needs of the new potential audiences of streaming platforms themselves. This joint investment also gives Thai BL series producers the opportunity to work with international teams, which will lead to learning and developing better quality work and better understanding of the needs of audiences in foreign markets.

While the key challenge is to maintain the audience base in the original market in the long run, as Y-series producers are likely to face higher competition. Following the popularity of the BL series, series producers from other countries have started to enter the market, especially Taiwan and Japan, which are Thailand’s major competitors. This is because Taiwanese and Japanese cultures are more open to sexual diversity. South Korea, the leader in film and series production in Asia, has also started to show interest in the BL series market. Therefore, Thai BL series producers should prepare to face the increasingly intense competition, such as maintaining the unique charm of Thai BL series that still impresses viewers around the world by embedding Thai culture, along with improving the quality of their work by presenting diverse stories and using more modern filming techniques. Creating series with diverse content is also an important part of helping Thai BL series expand their audience base.

 Government policies and support for Thai entertainment production businesses

Currently, the government has a policy to support the entertainment media production business as a whole by providing tax benefits for a period of 5 years and exempting import taxes on necessary equipment for both Thai and foreign entrepreneurs who invest more and reinvest in the film studio business, film producers, and film business service groups, such as equipment rental, filming locations, and editing services. However, support for Y-series in particular is still under the Soft Power policy through roadshows to promote overseas, such as the Department of International Trade Promotion (DITP), which supports Y-series producers to travel to negotiate the purchase and sale of series licenses in overseas markets. Meanwhile, tangible support for the production of Thai Y-series is still in the policy-making process after the establishment of a subcommittee to drive the Thai drama and series industry earlier this year.

however If the government considers policies to support the production of additional Thai BL films and series, it will help develop the quality of Thai series and increase the opportunity to export them to the world market. Like many governments in countries that have policies to support the production of films and series

namely

1. Stimulating more investment in production It is undeniable that producing quality films and series in terms of content, filming, and editing requires high capital. Meanwhile, Thai film and series production is still limited by lower production capital per film than other countries because it still relies mainly on the investment sources of producers and investors. According to Nash Information Services, a consulting and information service company for entertainment media production, Thai film production has a capital of approximately 4 million US dollars or approximately 250 million baht per film, while South Korean film production has a capital of more than double that of Thailand at approximately 16.8 million US dollars or approximately 580 million baht. Some of this capital is supported by the government through the Film Production Support Fund, allowing entertainment media producers to produce high-quality films. Therefore, appropriate government policies to promote the production of Thai BL films and series will be a part that will help stimulate increased investment, such as:
   • Providing tax benefits to film and series producers filmed in the country Similarly, the UK offers a 25% tax break on film or series production costs of at least £15 million, which encourages producers to invest more in producing big series, such as Game of Thrones, which costs £47-70 million per season. This huge investment not only makes the content and quality of the series easily impress audiences around the world, but also helps develop the film industry in Belfast, the main filming location. In addition, the popularity of the series stimulates tourism in the city, both in terms of visiting filming locations and Studio tours, which will attract tourists in the long run.
   • Expanding the refund policy for filming expenses to cover Thai-produced films and series Similarly, refunding up to 20% for foreign film productions in Thailand with a cost of more than 50 million baht, the government may consider adjusting various conditions to be more suitable for the production of Thai films and series, such as adjusting the minimum budget, inserting content that promotes tourism in secondary areas or provinces, etc. This will help encourage producers to increase their investment in film and series production per story and provide an opportunity to develop the quality of Thai films and series for the better.
2. Support the distribution of Thai entertainment media abroad To provide film and series producers with opportunities to access foreign markets and expand their audience base, such as facilitating and supporting funding for film and series producers and actors with export potential to travel to attend international film festivals and business matching events to buy and sell film or series copyrights abroad, which will encourage film and series producers to further develop the quality of their work and compete in foreign markets.
3. Other policies that promote the development of Y-series production For example, funding support for Thai film and series producers to have the opportunity to work with foreign series producers from Korea, Japan, and Taiwan, as well as the Hong Kong government acting as a medium for local and foreign film producers to work together and supporting funding per project of up to 9 million Hong Kong dollars or approximately 40 million baht to open up opportunities for local series producers, especially SMEs, to access sources of funding and learn techniques for creating quality work.

Although the Thai BL series has been well-received by viewers in many countries, the driving force behind Thai BL seriesTo grow continuously with potential, it is necessary to receive support from the government in setting appropriate policies along with developing the quality of work of film and series producers to elevate Thai films and series to be able to compete effectively in the world market. In addition, the popularity of films and series also helps create soft power, promoting Thailand to be better known, which will help generate income for the tourism sector and the Thai economy.In general too 

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