The entertainment industry has undergone significant changes in 2024, as highlighted by Luminate's comprehensive Year-End Film & TV Report. This report delves into the production trends of television and film content in the United States, offering a detailed analysis of streaming viewership metrics and consumer behavior data.
One of the most striking observations is the continued contraction in TV production, albeit at a slower pace compared to previous years. The strikes by Writers Guild of America (WGA) and Screen Actors Guild - American Federation of Television and Radio Artists (SAG-AFTRA) have significantly impacted the volume of new TV premieres. Despite a 7% drop from 2023 levels, this decline represents a deceleration from the 17% reduction observed the year before. Interestingly, broadcast networks experienced an unexpected resurgence, with a nearly 25% increase in output, partly due to delayed season premieres pushed from late 2023 to early 2024.
The streaming landscape also saw notable shifts. Netflix, while maintaining its lead over other platforms, witnessed a 22% decrease in US-produced shows compared to 2022 levels. Other major streamers, except for Prime Video, also reduced their output. Unscripted TV, despite continuing during the strikes, faced a sharp decline, especially on cable networks, where premieres fell by 15%. However, unscripted content on SVoD platforms saw a modest 9% increase.
The report also highlights the challenges faced by franchise-driven content. While franchises remain pivotal for engagement, some high-profile properties like Marvel and Star Wars experienced diminishing returns. For instance, both live-action Marvel series released in 2024 underperformed relative to their predecessors. Similarly, the cancellation of The Acolyte after its first season underscores the need for retooling strategies around these iconic brands. On a positive note, properties with strong fan bases from other media, such as Percy Jackson and the Olympians, achieved significant success, demonstrating the enduring power of beloved IPs.
In summary, 2024 marked a year of recalibration within the entertainment sector. The slowdown in TV production, coupled with shifts in streaming preferences, signals a period of adjustment and innovation. As the industry navigates these changes, it becomes increasingly clear that adaptability and audience-centric strategies will be crucial for sustained growth and success. Embracing diverse content offerings and leveraging established IP can foster resilience and drive future engagement.