A new report by Ampere Analysis shows that media giants Disney, Comcast, Google, Warner Bros. Discovery, Netflix, and Paramount Global will spend a combined total of US$126bn on content in 2024. This will account for 51% of the total content spend landscape, up from 47% in 2020.
Original content spending remains the leading type of spending across providers, accounting for over us$56bn in investment and 45% of their total spending since 2022.
Disney remains the largest contributor to the media landscape, with 14% of global investment in TV and film content in 2024. Netflix is the top investor in global streaming content. Since the pandemic, it has invested an average of US$14.5bn in original and acquired programmes. Further growth is expected in 2025 through the acquisition of Sports Rights for NFL matches and WWE entertainment.
In total, US$40bn of the US$126bn is currently spent on these six operators’ subscription streaming services (including Disney+, Peacock, and Paramount+). This highlights the growing importance of these platforms as audiences move away from linear television in favour of the convenience and expansive catalogues available via streaming.
Google contributes to the content market via YouTube and investment in programming through its revenue-sharing arrangements with content creators. While a different entity from other TV and film groups, YouTube continues to build its global presence through partnerships with major content owners, making it the third largest contributor to the content landscape.
Despite production shutdowns caused by the US writers’ and actors’ strikes, streamers have continued to support the production landscape by pivoting towards more global strategies. International (non-US-originating) programming accounts for 40% of Paramount+’s and 52% of Netflix’s spending in 2024. Such content is typically cheaper to produce and effective in motivating new and niche audiences to subscribe to a platform, supporting revenues.
Ongoing investment by major studios and streaming platforms into new programming will be key to keeping audiences engaged and entertained. We can expect the content landscape to see low-level growth in 2024 as production schedules recover from disruptions caused by the pandemic and the writers’ and actors’ union strikes. However, overall spending growth is set to plateau as companies look to refocus their output. This will include limiting commissioning volumes and prioritising strategic investments and profitability to counter the current challenges of the media market.
