Industry Insider: Peak TV Is Dead.
From left to right: Priah Ferguson (Stranger things), yvonne orji & Alexander Hodge (Insecure), steven yeun (the walking dead), and Laura gomez (Orange is the new black).
Beware. Television is changing. You might not be able to go from one high-quality television show to another. In an era of successful, binge-worthy scripted television, there never seems to be a gap in the TV market, ultimately making it easy to satisfy the television bug. In 2024, this is changing. We are seeing the death of peak television.
Peak television can be defined as a period in television history that is characterized by high volumes of critically acclaimed or widely known television shows that were released around the same time. Wasn’t there a period where you remember tuning in to the latest episode of Game of Thrones, then changing the channel to one of the many episodes of The Walking Dead? And then, you might watch HBO’s Insecure to switch up the genre. That is peak TV. Starting in the early 2010s, there seemed to be a plethora of series to binge – Breaking Bad, Orange is the New Black, Stranger Things, etc. While the wave of peak TV continued throughout the decade, many consider it dead in 2024. Currently, there is a production downturn; there just aren’t as many high-quality series being produced.
A Hot Set will analyze these claims in the article The Death of Peak TV to understand the current state of the entertainment industry and answer the question: Did Peak TV die?
To understand if Hollywood is still in the age of peak television, it is imperative to understand the numbers. According to the Variety article, “Peak TV has at long last peaked. The total number of original scripted and unscripted series released on U.S. TV platforms plunged 20% year-over-year in 2023, from more than 2,000 titles to just over 1,600.” While these numbers certainly allude to the idea that peak television is dying, or dead, it is important to look at external factors: In the past four years Hollywood has not only dealt with production-related losses due to Covid-19, but the SAG-AFTRA and WGA strikes, which further led to production shortages. Is it too big of an assumption to believe that peak television has died? Or is it simply working its way back up to its pre-Covid-19 and strike figures?
In a more negative outlook, these setbacks could leave a more permeating mark on Hollywood. Broadcasting took the biggest hits in the industry with networks’ outputs dipping 36% during the strikes. Now, however, their production has returned to its pre-strike figures, alluding to the idea that production in other areas can return to normal. While a comeback similar to the one in Broadcasting is certainly plausible for other production areas, many, such as streaming, are choosing to stay on the more cautious route.
This cautious transition is also leading to a more budget-friendly transition. Peak television was categorized by its high-quality scripted series, which, of course, led to high budgets. Now, instead of a heavy budget, SVOD (Subscription Videos on Demand) platforms are choosing to shift to unscripted television.
Speaking of SVOD – the birthplace of peak television – there has been a major downturn in output for most streaming platforms: “2023 was a historic year for SVOD, as annual original series output on U.S.-based platforms dropped for the first time – even COVID plagued 2020 saw an uptick from the previous year.” The loss in production alludes to a larger factor against peak TV – it's just not possible anymore. Obstacles such as Covid-19 only fueled this era, so why is it suddenly on a downward spiral? It might be as simple as quality control.
Annual Change in U.S. SVOD Orignals
Streaming platforms are no strangers to poor reactions from audiences. In the past few years, many have noticed the lack of quality in television shows. The streaming wars have caused many platforms to constantly produce films to keep up with competing platforms, causing new content to be lackluster. Thus, studios are losing revenue by investing in original content that does not receive positive reviews. Learning from their previous failures, studious might opt for fewer shows, which ultimately saves money. For example, Max canceled five major shows. The article further proves this: “The number of new series premiering fell 21% in 2023, in line with the total drop in output.”
Additionally, consumers play an important role in how studios budget their spending – Netflix was just able to come back from its 2022 subscriber loss and stock crash, so the company must listen to its consumers to stay afloat. In surveys, viewers have noted that extensive catalogs make it difficult to choose what to watch and are more likely to turn to old favorite shows than watch any new originals.
Ultimately, the landscape of television has undeniably shifted from the heyday of peak TV, marked by a significant decline in the production of high-quality scripted series. Factors such as the Hollywood strikes and the ongoing impacts of COVID-19 have undoubtedly played roles in this downturn, but was it the main cause? While the era of abundant, binge-worthy content may be waning, the emphasis on quality remains paramount. As studios navigate these challenges and adapt to evolving audience preferences, the lesson is clear: In an era of change, delivering compelling, top-notch content will continue to be the cornerstone of success in the television industry.
