Hollywood's Content Slump: TV Series Decline Continues, Comedy Struggles

In 2024, the entertainment industry witnessed a significant reduction in the volume of original TV series, both scripted and unscripted. This decline marks the second consecutive year of contraction after a decade of unsustainable Peak TV spending.

According to the 2024 Year-End Film & TV Report by Luminate, the drop in TV series production reached 7%. However, the impact was even more pronounced in episode orders, which decreased by almost 20% year-over-year, continuing a two-year trend of decline.

"Media companies are being more cautious in their renewal and commissioning decisions, resulting in fewer episodes being produced," said Mark Hoebich, Executive VP and Head of Film and TV at Luminate. "This has a significant impact on the entertainment ecosystem, including writers, producers, directors, and actors."

Comedy series have been particularly hard-hit, with total volume in the U.S. and Canada plummeting by 39% since 2019. This has created an opening for racy reality series, such as Netflix's dating shows.

Luminate also highlighted the declining fortunes of Star Wars-related series, as evidenced by the снижение in viewership and completion rates for recent titles like "The Acolyte" and "Star Wars: Skeleton Crew."

"It underscores the importance of franchise management," said Carolyn Finger, Senior VP of Consumer Success and Products at Luminate. "Overextending these franchises can diminish their impact."

The report also noted the unexpected success of Netflix's limited series "Fool Me Once," which became one of the platform's most-watched titles of the year.

Despite the overall decline in TV series production, the industry continues to explore new formats and platforms. Social media is increasingly providing a fix for short-form content, with its ability to showcase real-life misbehavior.

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