"For example, countries with a rich cultural heritage like Indonesia can focus on producing culturally-relevant content," Heriyanto said, adding that a country with advanced technology infrastructure can contribute technical expertise.

Sirisak Koshpasharin, vice-chairman of the Motion Pictures and Contents Association of Thailand, said that co-production is possible "once in a while" but noted language barriers, cultural differences, and diversity in work styles can be a challenge among Southeast Asian film industry players.

He noted that the Thai film market is small but, when combined with other countries in the region, the market can expand.

Sirisak added that streaming platforms can allow one locally-produced film to "travel around the world, not only in Asia".

No Southeast Asian country has a market as big as India's Hindi cinema — commonly known as Bollywood — nor as large a global appeal as South Korea's K-Dramas.

Nonetheless, the rise of streaming services has introduced Southeast Asian cinema to a wider audience.

Indonesia's period drama Gadis Kretek (Cigarette Girl) and the Philippines' black comedy TV series A Very Good Girl, both released in 2023, have made it to the Global Top 10 list on streaming platform Netflix.

ASEAN filmmakers are going beyond the region for co-production and to tap the wider Asian market.

For example, the movie Abang Adik, a social drama about two undocumented orphans in the capital city of Kuala Lumpur, is a collaboration between filmmakers in Malaysia and Taiwan of China.