In a positive development for the film and TV industry, Netflix has announced plans to increase its annual content spend by $1 billion this year, bringing the total to $18 billion. This comes as the streaming service experienced a record-breaking quarter with 19 million new subscribers, reaching a total of 302 million global members. However, Netflix stands out as an anomaly in Hollywood, where the gap between major players and smaller entities has widened since the end of the Peak TV era in 2022.
According to a report by data provider Luminate, the number of episodes of TV content produced has decreased in recent years. In 2022, there were 16,012 episodes produced, which dropped to 13,300 in 2023 and further to 11,069 in the most recent year. The total hours of TV produced also decreased from 14,958 in 2022 to 10,405 in the latest year.
While most streaming platforms saw a decline in U.S.-produced TV premieres in 2024, Netflix, Peacock, and Prime Video were exceptions. Notably, Disney+ reduced its original offerings to focus on a larger bundle with Hulu and ESPN+.
Despite studios scaling back streaming releases to focus on bundled offerings, there was a slight increase in theatrical releases in 2024 compared to the previous year. Major studios sent 121 releases to theaters, up from 113 in the prior year. However, the number of streaming-only film debuts decreased, with 264 movies from major streamers released in 2024 compared to 296 in 2023.
Overall, production volume in Los Angeles and across the United States has seen a decline in recent years. In Los Angeles, shoot days across film, television, and commercials dropped from 36,792 in 2022 to 23,480 in 2024. Across the U.S., production volume decreased by 35 percent in the third quarter of the latest year compared to 2022.
The data from Luminate provides a comprehensive view of the production landscape, reflecting the challenges faced by the industry. Despite the setbacks, the industry is adapting to the changing landscape and finding new ways to thrive in a highly competitive market.
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