They do face a challenge, I’d say not just in Asia, because their content is very anglo-centric at the moment. I read an article a year or so back that take-up in Spain for example had been very low as they weren’t too attracted by the full content. In Scandinavia where English fluency is much higher they were doing a lot better.
On the plus side of that, they have been working on it. They started creating their own originals in other languages and some co-productions too. Their subtitling options are also pretty good, I can get Stranger Things with Malay or both forms of Chinese script.
They have a long way to go in really providing the right content but as before, they are ahead of pretty much everyone else on their scale. The rivals here are comparatively small and also very new but it could be that if they aren’t able to give the specific local focus needed a lot of people could stick with them.