Production Slowdown Signals Stabilization: Q3 Global Trends Indicate Easing Decline

ProdPro's Q3 Global Production Report provides a preview of the data insights available to ProdPro Analytics subscribers, offering real-time market trends on the live-action, scripted TV and film industry.

The global TV and film industry is undergoing a period of recalibration as both linear TV and streaming platforms adapt to shifting consumer habits and rising cost pressures. ProdPro, a global leader in tracking production data, reported that the number of projects actively filming—referred to as production volume—fell by 17% globally in Q3 2024 compared to the same period in 2022. (Note: 2022 serves as the baseline year for comparison due to the significant disruptions in 2023 caused by dual strikes in Hollywood, which skewed production activity.)

The U.S. experienced a particularly sharp decline in production volume, with a 35% drop in Q3 2024 compared to 2022. This steep decline was likely influenced by the risk of strikes from IATSE and TEAMSTERS, which pushed producers to consider more stable international markets during this period. In stark contrast, Canada saw a 1% increase in volume compared to 2022.

Signs of Stabilization Amid Slowing U.S. Production

However, there are signs that the production slowdown may be stabilizing. In Q3 2024, the number of production starts in the U.S. reached 67% of 2022 levels, an improvement over the 53% recorded in Q2 2024. This indicates that while overall production remains down, the rate of new projects commencing shooting is beginning to recover, suggesting that the industry may be approaching the bottom of the current slowdown.

Divergent Impacts on TV Series and Feature Films

In Q3 2024, the pullback in production is primarily driven by a steep drop in TV series from linear broadcast networks and cable channels, while streaming platforms have maintained relatively stable content slates. Specifically in the U.S., the top four broadcast networks—ABC, NBC, CBS, and FOX—collectively started filming 41 series in Q3 2022, but have only put 23 projects into production this quarter. Additionally, The CW has nearly eliminated its scripted content slate in 2024, reflecting a dramatic shift away from scripted series altogether.

Meanwhile, on the feature film side, there are signs of resilience. The global number of feature film starts rose to 65 in Q3 2024, up from 62 in the same period in 2022. This uptick points to ongoing health in the theatrical market, as well as streaming platforms’ continued investment in feature content.

Looking Ahead: A Squeeze Before Sustainable Growth

Looking ahead, the production slowdown reflects broader market shifts, with streaming platforms moving towards ad-supported tiers and bundling to create more sustainable models. The content boom from 2019-2022, driven by a race for subscribers, proved unsustainable, leading to the current pullback in spending as platforms focus on profitability. Even tech giants like Apple and Amazon, which are better positioned to weather the shift, have slowed slate growth for now.

As these new models take hold, we can expect a gradual recovery in production volumes, but at a more controlled and financially viable pace. While production levels remain lower for now, the groundwork is being laid for more consistent and sustainable growth in the future.

Note: All metrics include scripted productions with an estimated total budget greater than $10M.

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Looking for more data and insights on the shifting TV and film industry?

ProdPro Analytics offers subscribers exclusive access to detailed, real-time production data, including:

• Budget Trends: Track shifts in production spending, including the growing focus on mid-budget projects.
• Regional Production Insights: Understand geographic variances, such as feature film growth in the UK versus declines in the U.S. and Canada.
• Market Dynamics: Analyze how economic pressures and strategic shifts are affecting production slates globally.
• Project Pipeline: Stay informed on the number of new productions starting each quarter, across key regions and genres.

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