The End of Peak TV: A Sharp Decline in Scripted Series
The era of “Peak TV” appears to be coming to an end, as recent reports from Ampere Analysis and Luminate indicate a significant downturn in the production of scripted TV series. This decline marks a notable shift in the television industry, which had previously seen a boom in original content.
Key Takeaways:
- Reports from Ampere Analysis and Luminate show a sharp drop in U.S. scripted TV series.
- The number of series titles fell to 481 in 2023, down from 633 in 2022 and 2021.
- The decline is attributed to a combination of strike action and a downturn in original content production.
- The volume of U.S. series has nearly halved since 2019.
- Scripted comedy and drama series saw the steepest declines.
- Nonscripted and documentary programming also dipped, but animation held steady.
- Streamers like Netflix, Peacock, Hulu, Max, and Paramount reduced their releases.
- There’s an increase in international shows, suggesting a shift in the industry’s focus.
A Dramatic Shift in TV Production
The Decline of Scripted Content
The television landscape is undergoing a significant transformation. The volume of U.S. series has nearly halved since 2019, with only 481 series titles released in 2023. This sharp decline, down from 633 releases in 2022 and 2021, signals the end of what was once dubbed the “Peak TV” era.
Factors Behind the Fall
Ampere Analysis attributes this downturn to a combination of factors, including strike action and a general decline in the original content boom. The impact of these factors is evident in the reduced number of series orders and the slow pace of recovery expected in the industry.
Genre-Specific Trends
The reports highlight genre-specific trends, with scripted comedy and drama series experiencing the most significant drops. Comedy premieres saw a 30% decrease, while dramas declined by 25%. In contrast, animation has shown resilience, with only a 7% drop in premieres.
The Role of Streaming Services
Major streaming services have played a pivotal role in this shift. Netflix, for example, cut its releases from 107 in 2022 to just 68 in 2023. Other platforms like Peacock, Hulu, Max, and Paramount also reduced their output. This reduction in content from streamers is a clear indicator of changing strategies within the industry.
The Rise of International Productions
Interestingly, there has been a notable increase in international shows, with global streamers commissioning more non-U.S. content. This trend points to the “internationalization” of the TV industry and a potential shift away from Hollywood-centric productions.
Looking Ahead
As the television industry navigates these changes, the focus appears to be shifting towards more diverse and globally oriented content. The decline in scripted series production in the U.S. may pave the way for new opportunities and innovations in the industry, particularly in international markets. The coming years will be crucial in determining the new direction of television content creation and distribution.
