The industry production transaction volumes have been on the decline since Q2 of 2023, and recently recorded a 13% decline worldwide in the production deals in June vs. May 2024, according to Vitrina. Regionally, the Americas and EMEA saw a ~20% decline whereas there was a 11% increase in APAC.
Drama continued to be the leading genre, with Comedy following closely behind. Scripted content made up 73% of the deals. English productions represented 48% of the deals, marking a 25% decrease from May. In contrast, Japanese production deals increased significantly from May, now comprising 5%.
Netflix and Amazon Prime maintained their stronghold in commissioning, with Warner Bros. Discovery EMEA & Bell Media following closely behind. Production transactions from OTT providers contributed to 21% of the total deals, with Netflix and Prime Video leading the commissioning. This trend highlights the increasing impact of streaming platforms on shaping what content people prefer and how they consume it.
Despite challenges, including declines across most genres, the industry shows signs of adaptation and resilience. However, ongoing shifts in consumer preferences and market dynamics suggest the need for continuous strategic adjustments, particularly in genres like comedy, action, and adventure.
In May, the Americas led with the highest number of production transactions, reflecting its dominant position in the global market. In June, while the Americans continued to have the highest number of deals, both the Americas and EMEA saw a decline in production volumes. Conversely, the APAC (Asia-Pacific) region experienced a significant percentage increase in production transactions, moving up from its previous position behind the Americas and EMEA.
In terms of proportional shares of different regions, the Americas topped the June chart with 43% of production volumes. Moreover, despite a decline in new productions in March, April and May saw an upward trend in both production projects and the number of season renewals. In June, although production deals were down, season renewals remained almost as high as in May, demonstrating the stability of ongoing series amidst fluctuations in new production volumes.
The prominent companies pushing season renewals include a mix of broadcasters, studios, and streamers such as Netflix and Bell Media. For global season renewals, English continued to be the dominant language, with Japanese & Spanish following. Drama and Animation genres were the most popular, with scripted content making up 79%.
Finally, Vitrina highlighted the recent collaboration between Disney+, ITV Studios, and Happy Prince for bringing back "Rivals.” This collaboration is set to create a series adaptation of the popular book by Jilly Cooper, which is known for its captivating storytelling and vibrant characters. For Disney+, this deal is a strategic move to diversify and strengthen its content portfolio, particularly in the realm of adult dramas and literary adaptations. This aligns with their goal to cater to a broader audience demographic beyond family and children's programming.
Vitrina concluded that “Rivals" is a culturally significant story that resonates with themes of ambition, rivalry, love, and betrayal, making it a timeless piece that can captivate audiences across different age groups and regions. Its adaptation is likely to spark renewed interest in Jilly Cooper’s works and the “Rutshire Chronicles” series.