Digital i shared its latest Trend Report: Are You Still Watching?, which proves that the number of original series has declined in number after the era of ‘Peak TV’ in 2023.
The report has evaluated data from Netflix, Disney+, Max, Prime Video in UCAN, LATAM, APAC, and Europe, between 2022 and 2024.
While the number of second-season launches remained consistent, it was noteworthy that there were 100+ fewer new originals in 2024 (279) than in 2022 (395).
Among the major streaming platforms, Netflix was the only service to increase its number of original productions in the top 25, with 14 titles. While Netflix had 11 IPs in its top 25, Prime Video and Max had 19, and Disney had 18 titles. Streamers are adapting more existing IP, as these shows have generally achieved higher reach than original concepts.
In Q4 2022, often referred to as the era of ‘Peak TV’, the original content was favored by audiences. However, since Q3 2023, the licensed content has surpassed the originals in views, partly due to the impact of the Hollywood strikes. The strikes saw the viewers, especially Gen Z and Gen Alpha, towards creator platforms such as YouTube and TikTok, rather than the major streaming platforms.
The increased viewing of licensed content can also be attributed to a nostalgia TV trend and the continuing popularity of legacy U.S. dramas and sitcoms. Library shows such as House M.D. still maintained their influence, while viewers watched more than two billion hours of medical drama Grey’s Anatomy globally in 2024.
As for the streaming successes throughout 2024, the video game adaptation Fallout was one of the top-performing shows for Amazon Prime Video, with an impressive 67% completion rate. The show not only appealed to its already existing fanbase of gamers, but also to the newcomers. Indeed, the series has already been renewed for at least two more seasons.
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Netflix spin-off film The Gentlemen starring Theo James secured a renewal with a 61% completion rate, exceeding the Netflix platform average completion rate. In contrast, the Greek mythology-inspired Kaos starring Jeff Goldblum scored a completion rate of 47% and did not secure a renewal.
In 2024, the first seasons of shows that contained between 3-6 episodes had the highest average completion rates, 48%, while ones with 11-15 episodes scored an average of just 26%. Longer shows like anime and soap titles attracted a more consistent audience, with %29 completion rate.
The release strategy, between weekly episodes or all episodes at once, also had a major effect on the shows. While the weekly show Beast Games on Prime Video had viewership spikes, the box drop Cross had its high engagement rapidly and gradually decline.
The local productions, such as the Korean phenomenon Squid Game, had local engagement upon launch, with 25% of total streams in the first 45 days, within the first five days of launch. The production became popular globally two weeks later, making an example of the local going global.
Digital i measures Netflix, Prime Video, Max, and Disney+ viewing across territories including: U.S., Canada, Mexico, Colombia, Brazil, Argentina, Australia, Japan, South Korea, Poland, the Netherlands, Norway, Denmark, Finland, Sweden, UK, France, Italy, Germany, and Spain.
