It’s been a difficult year for the film and television industry. With the Hollywood strikes halting numerous productions and the streaming service market growing even more dense, spending has been cut across the board, and a number of productions have either been delayed or put on hold indefinitely.
The most damaging part of this, from the British film and TV industry’s point-of-view, is the streaming situation.
Because of the strikes and the growing competition, notorious streaming services like Netflix have had to cut back on spending, with an insider suggesting that Netflix has reduced $300 million of its spending in 2023 alone.
Along with Netflix, other streaming giants like Apple TV and Hulu have also cut back, leaving a number of British production companies in a state of limbo.
So, how much has the British film and TV industry suffered, and how bad can it really get?
The Thing About Streaming
The problem with streaming services cutting back on spending is two-fold. For one thing, it’s an issue for the streaming service itself.
To use Netflix as an example, to cut back on spending, the company has had to axe several shows over the last few years – many of which have all been axed this year. These include 1899, Inside Job, The Chair, Uncoupled, Lockwood & Co, Bling Empire, among several others.
This is a problem, however, because a streaming service like Netflix needs to have a large catalogue and innovative features in order to survive. For any online entertainment platform, users will quickly lose interest and find their content elsewhere if the catalogue isn’t constantly being built upon. Even the most tried-and-true gaming genres and formats like online blackjack, need to innovate in order to maintain interest, even if the core elements of the game never change.
Without this incentive, streaming services like Netflix have ended up losing viewers, which means less engagement with UK film and television – certainly from abroad – and less revenue for the streaming service, which will end up meaning they need even more cutbacks.
The Thing About British Film And TV
The second problem with streaming services cutting back is the immediate damage it has on the industry. The British film and TV industry has undoubtedly been suffering because of this. US streaming firms have spent billions on shows and films made in Britain, but after cutting back, major studios have become ghost towns.
This is even more damaging considering the blissful couple of years that the British industry has experienced post-pandemic.
Because there was an influx of work as productions got back on the ground, a number of workers were getting paid 30% to 50% more than their previous rates, but this has suddenly been halted.
Less money is being spent on UK shows and films, and due to the strikes, it is not known when some existing productions will get back into action.
The Future For Britain
At this point, it is unlikely that 2024 will be any better, but there is still one piece of hope that the British film and TV industry can cling to: the audiences are not going anywhere. As mentioned before, there is a huge desire for content among audiences and a fascination with British culture that makes the content so wide-reaching.
If it’s not Netflix, Apple TV, or Hulu that are investing in that content, then it will be another competitor. But this remains to be seen, as all three of those streaming platforms are going through a transitional period – yes, their spending might be cut now, but there’s no reason why they wouldn’t increase it in the near future, especially once things have settled down.
Until then, it’s important to remember that the UK is one of the leading countries in the film and television industry, and the content will always be in demand.