For all the talk of macro volatility, each of Asia’s major media indices is likely to end 2014 in positive territory.

The India media stock average leads the way, up almost 30% through Nov. 26 close, buoyed by greater economic momentum, political stability and the prospect of long-term economic reforms. Much of this is helping India’s ad market to revert to a projected double-digit growth in 2015, a good foundation for both broadcasters and publishers. Share prices for many of the leading media players increased by a range of 30-90% in 2014.

Pay-TV operators in India are also benefiting, with the prospect of extracting higher fees from customers in 2015 through better packaging and, potentially, more rationalized content costs.

Leading cable company Hathway’s share price has spiked up 36% to Nov. 26 close. Meanwhile, Dish TV (leading satellite operator) and Den (another big cable company) have also nudged up, and could benefit more in 2015.

Japanese media equities, buoyant earlier in 2014, have started to slip as the country moves into technical recession and gets set for quantitative easing. Big broadcast groups such as Fuji Media and TV Asahi have succumbed the most.

In contrast, the performance of China’s media stock average remains robust, with a broad mix of online and cable players soaring high on mainland, Hong Kong and US bourses. A few players remain weighed down by growth and profitability concerns however, including Youku Tudou, Sina, VisionChina Media and Ku6.

Mixed Picture In Korea

Korean media stocks have had an up-and-down 2014 as the market waits for macro conditions to improve, boosted by fiscal stimulus. Digital players Daum and NHN have had a cracking 2014. In the traditional space, CJ E&M and SBS Contents Hub have rallied but pay-TV operators KT SkyLife, HCN and CJ HelloVision have suffered. More M&A and deal flow in pay-TV and broadband could change all that in 2015.

MONEY MOVES IN SOUTHEAST ASIA

It’s been a tough 2014 on the macro front for Southeast Asia. Numbers from Media Partners Asia suggest that advertising in Southeast Asia will grow by only 1.2% in 2014, before a rebound to 7%-plus growth in 2015. Investors are waiting for the rebound in 2015.

In pay-TV, Malaysian giant Astro has weathered the storm well, growing revenues and earnings in resilient and disciplined fashion.

Indonesia’s MNC Sky Vision has also performed robustly but subscriber adds have slowed to their lowest rate since its 2012 IPO, and investors have punished the stock. The company is gearing up for a stronger 2015, although a weak rupiah will need to be handled well.

Indonesian broadcasters Visi Media Asia, Surya Citra Media (SCM) and Emtek have appreciated significantly, although there has been a sell-off in SCM and Emtek since November, due to concerns over a slowdown in advertising growth.

This article also appears in the Q4 2014 edition of Media Business Asia magazine.