ProdPro reported a 22% increase in the number of projects actively filming in Q2 2024 compared to the same period last year. The U.S. experienced a 30% year-over-year increase in Q2. However, the company noted that this comparison is against the beginning of the 2023 WGA strike, a period characterized by unusually low production activity. Over the past 6 months, the total number of productions filming globally in 2024 is still 16% lower than in 2022, and 37% lower in the U.S.
This decline, though anticipated, is challenging for an industry that expanded to meet the demands of the peak TV era in terms of crew and suppliers. Comparing the number of productions that started principal photography in Q2 2024 to those in 2022, the U.S. saw a decrease of approximately 40%, while globally there was a ~20% decrease.
ProdPro reported 344 scripted productions that started principal photography worldwide in Q2 2024. This encompassed 130 TV series and 214 feature films.
Feature films saw a decrease of 18% compared to the same period last year. As with the Q1 drop in feature starts, this can partially be attributed to the risk of another strike in 2024, which has made it more difficult for indie film producers to get bonded for production.
TV series experienced an increase of 20% year-over-year, primarily driven by major studios making up for lost time and ensuring their fall slates are delivered.
Continuing the trend from Q1 of delayed productions driving an increase in committed spend, ProdPro measured a 39% increase in committed spend from Q2 2023. The biggest increase was with projects in the $40M-$100M range, continuing the trend from Q1 2024 of returning episodic projects and mid-budget studio films driving the increase. Notably, this number is 20% less than committed spend during Q2 2022.
On the episodic side, the U.S. and Canada both experienced notable increases in the number of series beginning production compared to prior year. While the UK lagged behind in series starts, they were the only region to experience an increase on the features side.