Another Sobering Snapshot of Hollywood’s Production Decline

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In an encouraging update, Netflix executives announced on Tuesday that they aim to increase their yearly investment in content by approximately $1 billion this year, bringing the total to $18 billion. This spending surge follows Netflix setting new records with 19 million new subscribers added in a single quarter, resulting in a global membership of 302 million.

However, Netflix stands out as an exception in today’s Hollywood landscape, where the gap between the wealthy and those struggling is widening since the conclusion of the Peak TV era in 2022. Recent studies reveal that the total number of episodes produced last year is significantly lower than it was only two years ago, a result of budget cuts and the combined impact of writers’ and actors’ strikes in 2023.

The latest report by data provider Luminate, a company jointly owned by Penske Media Corporation, the parent of The Hollywood Reporter, indicates that the total number of TV episodes produced decreased from approximately 16,012 in 2022 to 13,300 in 2023 and then further to 11,069 last year. When considering the overall hours of TV content produced, the figure dropped from 14,958 hours in 2022 to 10,405 hours last year. (You can access the full report here.)

In the year 2024, most streaming platforms, as reported by Luminate, had fewer U.S.-made TV show premieres than they did the previous year. However, there were a few exceptions. Netflix, for instance, had 146 premieres in 2023 and managed to increase this to 140 in 2024. Peacock saw an improvement too, going from 25 premieres in 2023 to 36 last year. Prime Video also saw a slight rise, with 39 premieres in 2023 compared to 42 in 2024.

Interestingly, Disney+, as predicted by CEO Bob Iger, reduced its original content releases in 2024. The number of premieres dropped significantly from 25 in 2023 to just 9, possibly due to Disney focusing more on a larger bundle with Hulu and ESPN+.

Last year saw a slight increase in the number of movies released in theaters by major studios, with 121 films hitting the big screen compared to 113 the previous year. This increase occurred even though some blockbusters were delayed due to strikes scheduled for 2023, pushing them back to 2025. Additionally, studios have been focusing on creating bundles of their content, such as pairing Max with Disney+ and Hulu, instead of releasing too much content on streaming platforms all at once.

Last year saw a decrease in the number of first-time film releases exclusively on streaming platforms, contrasting the trend of increased feature films sent to streaming services. In 2023, approximately 296 movies premiered on major streaming platforms; however, this number dropped significantly to 264 last year.

The Luminate snapshot provides a broader perspective on the Los Angeles County production landscape, compared to the quarterly updates provided by FilmLA’s office. Specifically, the number of shooting days in L.A., encompassing film, television, and commercials, decreased from 36,792 in 2022 to 23,480 in 2024. Moreover, according to the latest ProdPro data in October, U.S. production volume declined by approximately 35% in the third quarter of the previous year compared to 2022.

In Los Angeles, overall production was approximately 5% lower than what was seen during the strike-affected year of 2023, as reported by FilmLA on January 15th.

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2025-01-23 02:25