Asia Tech Recovery Runs Through Seoul and Shenzhen Studios
Macquarie projects 2026 as breakthrough year for Asian Internet firms. HYBE's BTS comeback and Chinese gaming dominance signal shift to content monetization.
Macquarie Research projects 2026 as a breakthrough year for Asian Internet companies, with K-pop entertainment and Chinese gaming leading a shift from infrastructure development to aggressive content monetization. The research firm's annual outlook identifies 13 top picks across technology infrastructure, entertainment, gaming, and e-commerce as the sector pivots toward AI-powered ecosystems.
Entertainment Content Emerges as Economic Powerhouse
Asian entertainment content has evolved from niche export to global economic force, with K-pop generating $966 million in economic impact over five years according to NOL Universe data. The platform's NOL World service, which bundles concert tickets with accommodation packages, achieved 133% annual transaction growth between 2023 and 2025, with 80% of transactions coming from concert sales.
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South Korean entertainment company HYBE tops Macquarie's entertainment picks, particularly as BTS prepares for a potential 2026 comeback. Shinyoung Securities estimates the group's return could boost agency profits by 15% to 40% through ticket and merchandise sales. HYBE CEO Jason Jaesang Lee stated the company "will test investments via a scarcity model to enhance fan experience value" in 2026, focusing on limited-access events to maximize per-user revenue.
Chinese gaming studios continue expanding their global footprint. Tencent and NetEase account for more than 50% of the world's top 30 mobile games by revenue as of December 2025, cementing China's position as a mobile gaming superpower.
Infrastructure Investment Jumps to Support AI Integration
Asian Internet companies are expected to increase capital expenditure from $60 billion to $78 billion in 2026, driven by the transformation of super apps into what Macquarie calls "agentic ecosystems." These AI-powered platforms use assistants that handle complex, multi-step tasks to capture greater wallet share from users.
Korea's Kakao exemplifies this approach with its Kanana update, which organizes events, summarizes discussions, and offers purchase suggestions directly within group chats. The feature increased transaction completions by enabling users to complete purchases without leaving the messaging environment. Macquarie identifies Kakao, Tencent, and Alibaba as leaders in this domain.
Chinese hyperscalers including Baidu, Tencent, and Alibaba benefit from significantly lower data center construction costs, paying $2 to $3 per watt versus $10 per watt in the United States. This cost advantage positions Chinese companies to accelerate AI infrastructure buildouts despite lagging US competitors by 18 to 24 months in development timelines.
E-Commerce and Logistics Consolidation Expected
Despite intensifying competition across Asian e-commerce markets, Coupang leads Macquarie's Korean picks due to its logistics dominance and overseas expansion strategy. The company is positioned to capitalize on a consumption rebound in South Korea's domestic market.
In Southeast Asia, J&T Express benefits from its relationship with TikTok Shop as the social commerce platform expands across the region. Macquarie cited logistics capabilities as key to transaction platform growth. Regional super app Grab remains positioned for potential industry consolidation, with analysts suggesting a possible merger with Indonesian competitor GoTo.
The research firm's outlook reflects a broader industry transition, with Asian Internet companies moving from infrastructure catch-up mode to content-driven monetization strategies that take advantage of regional entertainment strengths and cost-efficient technology buildouts.
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