In 2024, Ampere Analysis forecasts global content spending will increase by 2% year-on-year, following a plateau in content investment growth in 2023. Last year was predicted to deliver comparable growth, but WGA and SAG-AFTRA strike action led to a two percentage point decline relative to original expectations. Ampere has just published its forecast, with the analysts anticipating that the industry will reach $247bn in 2024, up on 2023’s $243bn.
Despite production reaching a near-complete halt in the USA, global streaming services were able to weather the storm and continue a steady delivery of new original content in 2023 with the help of non-US productions. With a continued focus on international productions, the delayed release of US original titles, and an increased desire for sports rights, global streaming services are set to increase their total content spend by 7% in 2024 to $46bn.
Content investment by commercial broadcasters worldwide largely remains stagnant as they battle weaknesses in the TV advertising market. However, while the US broadcasters were worst hit throughout the industrial action in 2023, the 2024 presidential election is set to bolster advertising revenue and content spending, preventing further decline this coming year. By contrast, US theatrical studios are set to see a 14% year-on-year decline in content investment in 2024 due to the after-effects of strike action and ongoing focus on cost-efficiency in a cinema market that remains depressed post-COVID.