Streaming originals are still growing, even with a current slowdown

From the start of 2020 through midway through 2022, the total number of streaming originals globally more than doubled, as reported by Parrot Analytics in a recent webinar. Christofer Hamilton, Parrot Analytics' Industry Insights Manager, explained that, through to the end of 2023, this number is more than three and a half times what it was at the start of 2020. So, there has been phenomenal growth in the total number of series. However, the pace of new series premiers has slowed this year. Hamilton mentioned: “There's been a lot of disruption in the industry this year with the strikes in the middle part of the year. However, this slowdown started before the strikes, and it continued through the end of the year after they've been resolved, so I think it's a broader trend, really.“ During the last quarter of 2023, the rate of increase in new streaming original series was 4.7%, showing a decrease compared to the past four years.

However, Netflix was the exception. Over the last few years, as new players have entered the market, the company's increase in new original series has been on a downward trend. “There has been a rush of new content, and Netflix's share of new series premiering every quarter has pretty much declined, but we see a sharp jump at the end of 2023. And that's not just Netflix increasing its share. The total number of new Netflix originals to premiere in Q4 grew in absolute terms. At the same time, other streamers were pulling back,” said Hamilton.

The top three platforms make up more than 50% of global demand for their original series. However, almost a quarter of the demand for streaming originals comes from platforms other than the main global players. Hamilton went on to explain: “Other platforms like Prime Video, for example, have done a really good job of maintaining their share of demand. Prime Video has hovered around 11 - 12 % pretty consistently over the past few years despite all the growth from new competitors.”

While the streaming landscape has seen remarkable growth in the total number of original series, the pace of new premieres has slowed, signaling a broader trend in the industry. As the top platforms continue to dominate global demand for their content, other players maintain a significant share, showcasing the resilience and adaptability within the streaming market amidst ongoing disruptions.