The U.S. television industry experienced an 8% decline in streaming content production during 2024, according to a new Luminate report, though major platforms like Netflix, Prime Video, and Peacock managed to buck the trend with increased output.
The slowdown follows the industry-wide disruption caused by the WGA and SAG-AFTRA strikes, with total episode production dropping 20% between 2023 and 2024. Drama series saw orders decrease from 3,400 episodes in 2019 to 2,492 in 2024, while comedy and unscripted content faced steeper declines.
Netflix maintained its leading position despite producing 22% fewer U.S.-based series compared to 2022. The streaming giant dominated viewership with seven of the top 10 most-watched series in 2024, led by "Fool Me Once" with 12 billion viewing minutes.
Prime Video emerged as the only major streaming platform to maintain consistent U.S. production levels over the past two years. However, its high-profile series "The Lord of the Rings: The Rings of Power" saw a 60% viewership decline in its second season compared to the first.
Broadcast television showed unexpected resilience with a 25% year-over-year increase, as networks prioritized returning shows to air. In contrast, cable television hit new lows with a 15% drop in original series production.
Major streaming franchises struggled across platforms, with Marvel and Star Wars series on Disney+ underperforming compared to previous releases. Despite this trend, franchise content remained among Disney+'s top performers, with "Percy Jackson and the Olympians" leading at over 3 billion viewing minutes.