In 2024, the quantity of original TV series – both scripted and unscripted – saw a considerable decrease for the second consecutive year. Simultaneously, cinema ticket sales increased, comedy production proved challenging, “Star Wars” exhaustion was palpable, and “Fool Me Once” emerged as one of Netflix’s most-viewed series that year.
The report, titled “2024 Year-End Film & TV Report,” published by Luminate – a data and insights firm specializing in audience measurement for the entertainment industry – is filled with numerous insights. On a recent episode of the podcast “EbMaster’s Strictly Business,” Mark Hoebich, the executive VP and head of film and TV at Luminate, along with Carolyn Finger, the senior VP of consumer success and products, discuss these findings, occasionally poking fun at each other, a characteristic shared by long-term colleagues.
The statistics clearly show a prolonged downturn in the production of television series, as Hollywood struggles with commissioning less content than before. Following a decade of excessive spending on Peak TV, which ultimately proved to be unsustainable over time, the industry has experienced a rocky decline.
Hoebich notes that even though the total count of series released has decreased by 7%, the number of episodes ordered for these series has also significantly reduced. Specifically, there was nearly a 20% drop in episode orders from one year to the next, a trend that’s continued for two years running: 17% in 2023 and almost 20% in 2024. Media companies appear to be becoming more economical when renewing series or ordering new ones, as they’re opting for fewer episodes. This trend affects the entire entertainment industry, from writers, producers, directors, and actors who heavily rely on episode orders.
Furthermore, it’s astonishing to see a decrease in comedy series – the combined total for the U.S. and Canada has dropped by 39% since 2019. In its place, risqué reality shows like Netflix’s dating programs have become increasingly popular. Additionally, social media platforms, as noted by Finger, have also contributed significantly to this shift.
Finger suggests that the brief moments of schadenfreude found in short-form content might be having a particular impact. He explains that social media, which allows us to witness real people behaving strangely or inappropriately, can be addictive. This type of content is currently available on TikTok, Instagram, and other platforms.
Listen to the full podcast:
https://omny.fm/shows/strictly-business/tv-volume-declines-box-office-rebounds-2024-by-the/embed
The drop in popularity for Star Wars series like “The Acolyte” and “Star Wars: Skeleton Crew,” as well as other recent titles, is highlighted in a chart that demonstrates decreasing viewership and completion rates. It’s worth mentioning Amazon Prime Video faced challenges with Season 2 of “The Lord of the Rings: The Rings of Power.” However, a relatively unknown limited series called “Fool Me Once” emerged as one of Netflix’s most-watched titles in 2024, largely due to its release on January 1, which allowed it to accumulate views throughout the entire year.
Finger emphasizes the significance of franchise management in media companies, particularly in the context of the Star Wars universe. Overextending themselves and engaging in activities unrelated to these franchises could lead to a situation where they don’t achieve the same level of success.
Luminate is owned by EbMaster parent company PMC.
Read the full Luminate 2024 Year-End Film & TV Report:
EbMaster’s weekly podcast, titled “Strictly Business“, is a series of discussions with prominent figures in the media and entertainment industry about the business aspects of their field. (Don’t forget to sign up for our free newsletter here.) Fresh episodes become available every Wednesday and can be accessed on platforms such as Apple Podcasts, Amazon Music, Spotify, Google Play, SoundCloud, and many others.
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2025-02-05 19:17