It may be a fresh new year, but from an economic perspective, it looks a whole lot like the last one! With many of the non-entertainment financial pressures still in play. The cost-cutting antics from many of the top streamers and studios continue unabated. Now, we will face a year where the impacts of the dual strikes on the production pipeline will be fully felt, too. Especially for the more content-hungry TV industry. However, this may seem like a downer on the surface, but it could be just what the nascent streaming industry, especially, needs. Blake Wang P.A. entertainment lawyers in USA, Brandon Blake, peek under the surface of these shifts for us.



Brandon Blake

Less, But Better

Overall, we are seeing fewer TV shows on order. Additionally, both production and distribution have become more analytical, unpacking budgets and spending in more depth than ever before. Theres nothing intrinsically wrong with a little financial discipline, however. It certainly beats the unbridled (and sometimes nonsensical) panic spending we saw as the streaming industry ramped up in the COVID era.

Want some even better news? Theres still plenty of demand for shows. Especially Originals, which are a vital tool in driving advertising spending on a channel as well as retaining subscriber loyalty. What has shifted is the bar and budgetary spending for these productions. Now, the industry wants to see vibrant, appealing scripts. Preferably with packaging included. Shooting locations that are tax-friendly have immense appeal. The idea is to produce premium shows at a reasonable, sensible price. Not simply by throwing money at them until something works, but through smart strategizing and spending.

What This Means for the Industry

What effect will this have on the wider industry? For the shows, productions, and platforms that were awake in 2023, likely not much at all. Bar the inevitable knock-on effects of the strikes, which will manifest in the 2024 and 2025 production cycles for TV. These lessons are all ones we saw rising clearly throughout the 2023 period. Most top-end streamers and studios have already adapted to this new normal.

Where we could see more of a shift is on the planning and pitching side. In short? Your pitch needs to be immaculate. It needs to go beyond the bargaining table, too, to encompass the benchmarks and packaging that distributors and financiers want to see. The days when you could be merely a creative have passed. To truly thrive in this changed marketplace, you need to take logistical and financial considerations into account too. Only a decade ago, scripted TV was king. Today, we face a landscape where scripted, unscripted, syndication, international works, and talent management all play hand-in-hand, offering some future-proofing in an unstable economic climate. In the pithy words of Lionsgate TV Chairman Kevin Beggs, Selling begins with a no.... (you need to) persevere and find ways to get to yes. Its a lesson all prospective producers and scriptwriters should keep in mind as we move forward into an exciting year for the industry.