It’s hard to know the end destination, but it’s clear that we have arrived in the new world of TV and entertainment, where the landscape, the genres and the opportunities are constantly evolving. In August 2022, Tyler Aquilina, an insightful entertainment analyst and writer, raised compelling questions about the decline in original scripted series on TV and streaming platforms. In his article “The Decline of Peak TV? Not so fast,” he shared some interesting insights about the massive transformation of the screen content industry and its impact on traditional TV program makers.
Aquilina highlighted the shift that is underway in the entertainment business, with media stocks taking a beating and the looming recession. We now see a more cautious spending environment and a massive rise in unscripted and sports factual programs, feeding their fans on a myriad of video streaming platforms and subscription services. People are consuming content from everywhere, on devices that range from TV screens to mobile phones to exercise machines.
The numbers are staggering: according to a 2022 Kenneth Research report on the global video streaming market, more than 55% of the world’s population use social media to access TV shows, YouTube videos, movies, and live-streamed content videos online, and more than 80% of American households having at least one subscription. Netflix boasted 222 million global paid memberships at the end of 2021, and in 2020, users streamed 6 billion hours per month. Eighty-six percent of businesses now use video marketing across social and website platforms, with an increasing return on investment. The creator economy doubled between 2019 and 2022. It could be said that there has never been a more exciting time for content makers.
So what’s the downside for people working in an industry so full of opportunity? Well, the pressure being felt within many parts of the industry is growing almost as fast as the content. This boundless era of creation has forged a race for talent, creators, casting and production skills. Finding the time to pitch and win opportunities is just as hard. In many ways, it favours nimble new players because the barriers to entry are lower, and the speed of innovation is high. Traditional broadcasters and production houses, who previously dominated the sector, are being forced to adapt quickly to the new world.
With teams and organisations being asked to achieve more, faster, with the same or fewer people and budgets, it has never been more important for production organisations to digitise their end-to-end casting and production processes. Every day, the Lumi team feel joy when we witness the positive productivity gains teams and organisations are making, from automating complex, time-consuming tasks and integrating their teams, content, workflows and IP to make everyone’s lives simpler, easier and more productive.
The competition is fierce. The opportunity for those who adapt is amazing. As for the rest, they’ll most likely be left behind alongside “Peak TV”.
Learn why and how screen production companies are digitising their end-to-end process
A seismic shift is happening in the screen production industry. Teams and organisations are being asked to achieve more and deliver it faster, with the same or fewer people and budgets. It has never been more important for organisations to digitise their end-to-end casting, production and management process to maximise positive productivity for everyone involved in creating unscripted content.
Read Lumi’s new information paper “Why screen production organisations are digitising their end-to-end processes”. It’s loaded with useful facts, insights, tools and case studies that can help any professional unscripted production company, wherever you are on your digital journey. Read it, and we promise you will understand why leading production companies are moving fast to digitise their talent, casting, production and management and how it saves and makes them money. Not to mention opening up new unscripted opportunities.