LONDON—Disney remains the world’s largest media company in a market where six companies now make more than half of the world’s TV and film content, according to a new report from Ampere Analysis. An estimated $126 billion will be spent on film and TV production this year, with Disney’s spending comprising 14% of that figure, fueled by its full acquisition of Hulu earlier this year, which added $9 billion to its total budget.
Since 2022, these six global media companies—Disney, Comcast, Google (YouTube), Warner Bros. Discovery, Netflix and Paramount Global—have spent more than $56 billion in original TV and film content over the past three years, Ampere said, comprising 51% of the total content spend landscape, up from 47% in 2020.
In total, $40 billion of the $126 billion is currently spent on these six operators’ subscription streaming services (including Disney+, Peacock and Paramount+). Netflix is the top spender in streaming content, averaging $14.5 billion in annual investment in original and acquired content since the pandemic four years ago. Ampere expects the company to further grow its investment in 2025 through the acquisition of NFL and WWE rights.
Although it doesn’t fit the traditional studio model of the other five, Google’s YouTube is the third-most-popular streaming destination, according to Ampere, which attributed part of its continued success to partnership deals with major content owners.
Despite production shutdowns caused by the U.S. writers and actors strikes, streamers have continued to support the production landscape by pivoting towards more global strategies, Ampere said. International (non-U.S. originating) programming accounts for 40% of Paramount+’s and 52% of Netflix’s spend in 2024. Such content is typically cheaper to produce and effective in motivating new and niche audiences to subscribe to a platform, supporting revenues, Ampere said.
“Ongoing investment by major studios and streaming platforms into new programming will continue to be key to keeping audiences engaged and entertained,” Ampere Research Manager Peter Ingram said. “We can expect that the content landscape will see low-level growth in 2024 as production schedules recover from disruptions caused by the pandemic and the writers’ and actors’ union strikes. Looking forward, however, while these top six providers will continue to account for the majority of spend, overall growth will plateau as companies look to refocus their output. This will include limiting commissioning volumes and prioritising strategic investments and profitability to counter the current challenges of the media market.”
