With another strike likely averted and Hollywood crews hoping work will finally pick up again, a looming question looms over the first half of 2024: Is the post-peak TV valley just that — a valley between peaks — or is it something permanent? Will the business, can the business, ever return to peak levels?
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It's a tough question to answer, but if current trends are anything to go by, a decline in the U.S. entertainment industry — similar to what happened to the country's auto and manufacturing industries — is likely inevitable as film and TV production becomes increasingly global, at the expense of U.S.-based labor.
A much-discussed study published last week by Ampere Analysis, for example, found that Netflix and Amazon have “returned to dominance” in commissions for original titles among streamers, accounting for just over half of all SVOD content orders in the first quarter, while their rivals scaled back their spending.
More than half of these titles come from abroad. Non-US TV shows and movies accounted for about 70% of Netflix and Amazon's original content commissions in the first quarter.
