Now that the unprecedented output of peak TV is finally shrinking, the contours of the new television landscape are beginning to emerge. A key feature of this landscape: much more international TV.

A new forecast from Ampere Analysis predicts that more than half of Netflix’s content spending this year — $7.9 billion of about $15.4 billion total — will go to titles produced outside North America. That means that for the first time, the majority of the streamer’s budget will go to localized original content for international markets or licensing internationally produced titles.

This is in line with broader trends in the TV industry, as media companies rethink their content strategies for the post-peak TV era, as explored in the VIP+ special report “The Death of Peak TV.” A separate Ampere forecast sees content spending in North America falling more than 20% over the next five years from 2022 levels.

There are two reasons for this shift. First, international content can often be produced or acquired much more cheaply than domestic productions (partly due to more relaxed labor laws in other countries), while American audiences have become more receptive to content in languages other than English in recent years.