Thai BL and GL series move from niche content to billion-baht industry

Every June, the colours of Pride Month return across the world, from Pride parades to global brand campaigns. But for Thailand, the movement around gender diversity is no longer limited to celebration or social expression. It is increasingly being transformed into economic value through one of the country’s fastest-growing content industries: Y-series, or Boy Love (BL) and Girl Love (GL) content.

Once seen as a niche market, Thai Y-series have now become one of the country’s key forms of soft power and part of the Rainbow Economy — an economy driven by gender diversity — which has attracted growing interest from businesses, investors and government agencies in recent years.

Data from SCB EIC estimates that Thailand’s Y-series and gender-diversity content industry will be worth more than 4.9 billion baht in 2025, with average annual growth of 17%. Its share of the country’s total entertainment media production value is expected to rise to 3.9%, up from just 0.7% in 2019. This reflects how the business is growing significantly faster than the overall Thai entertainment industry.

Thailand leads Asia in exporting content to the world

The success of Thai Y-series is not confined to the domestic market. It has continued to expand overseas.

SCB EIC said that in 2024, Thailand accounted for more than 55% of BL series production in Asia and around 60% of GL series production in the region, making the country Asia’s largest producer of this type of content.

A key factor is Thai society’s openness towards gender diversity, combined with the ability of Thai producers to create stories that reach broader audiences. The genre has moved beyond teenage romance into drama, action, investigation, fantasy and more complex social issues.

Another major driver is the growth of digital platforms and global streaming services, including Netflix, WeTV, iQIYI, YouTube and GagaOOLala, which have made Thai content more accessible to audiences worldwide. As a result, Thai series have trended in several countries across Asia, Latin America and Europe.

When fandom becomes purchasing power

What sets the Y-series industry apart from traditional television is that revenue does not end when a series is broadcast.

Today, producers earn not only from licensing fees, but also from artist management, fan meetings, concerts, merchandise, presenter contracts and marketing collaborations with brands.

Many Y-series actors have 5-10 million Instagram followers, turning them into brand ambassadors for fashion, cosmetics and global products.

Fan clubs also play an important role in generating revenue, including buying advertising to support artists across public transport systems and out-of-home media.

The book industry has also benefited from this trend. Y-novels have become one of the most popular categories at the National Book Fair, with readers willing to pay higher prices than for general fiction.

Events and tourism gain full benefit

Beyond direct revenue in the entertainment industry, the wider economic ecosystem growing around Y-series is equally notable.

Fan meetings, concerts and fan events have become businesses with steadily rising value, especially among foreign fans who are willing to travel to Thailand to attend activities.

The result is income distribution to hotels, restaurants, airlines, transport businesses and small operators. Several filming locations have also become new destinations for foreign tourists.

This phenomenon has led many agencies to view Y-series as a form of soft power capable of generating real economic returns, similar to how South Korea’s K-drama industry once drove tourism and cultural exports.

Four major players in Thailand’s Y-series market

Looking at the latest performance of major players in the market, competition is becoming increasingly intense.

GMMTV is the largest player in the market, with total revenue of 2.463 billion baht and net profit of 126 million baht in 2024.

CHANGE2561 recorded total revenue of 442 million baht and net profit of 25 million baht in 2024.

Domundi recorded total revenue of 413 million baht and net profit of 29 million baht in 2024.

Be On Cloud recorded total revenue of 167 million baht and net profit of 15 million baht in 2024.

New opportunities on the global stage

Although Thailand remains the leader in Asia, competition is intensifying as producers in Japan, South Korea and Taiwan move more aggressively into this market.

SCB EIC sees strong potential in new markets such as Brazil, Mexico, India, Spain and Poland, where audiences are growing rapidly and becoming more open to Asian content.

However, maintaining competitiveness will require higher production quality, more diverse storytelling and government support, whether through investment-promotion measures, tax incentives or support for international co-productions.

At a time when Pride Month has become an important global agenda, Thailand’s Y-series industry is proving that gender diversity creates not only social space, but also economic opportunities worth billions of baht.

From niche beginnings, Thai Y-series are now growing into an industry that connects entertainment media, tourism, events, advertising and cultural exports — and is set to become one of the key engines of Thailand’s creative economy in the future.