A guarantee from Hollywood that there will be something new to watch has made American television viewers accustomed to it.
The so-called Peak TV era has included gems such as The White Lotus, huge hits and meat-and-potatoes fare.
Over the past few months, it has become clear that Peak TV has ended.
The never-ending supply of new programming that helped define the streaming era, spawning shows at a breakneck pace but also overwhelming viewers with too many choices, seems to finally be slowing.
The number of adult scripted series ordered by TV networks and streaming companies fell in the second half of the year. It is a 40 percent decrease compared to the year before.
Fred Black, a research manager at Ampere, said that the second half of the year went off a cliff.
If it becomes apparent at all, it may take some time. After a network orders a show, it can take months or even years for it to premiere.
The entertainment industry has been subject to a lot of scrutiny. Billions of dollars were thrown onto TV series to help build out their streaming services. The spending has been a boon to high-profile writers and producers, who captured eight- and nine-figure deals, as well as for the actors, directors and behind-the-scenes workers.
In the spring, Wall Street soured on the buy-at-any-cost strategy when it was learned that it had lost subscribers for the first time in 10 years. Entertainment companies saw their share prices fall as well. A new emphasis on higher profits was put on by Hollywood companies.
Entertainment companies became more anxious about a slowing economy, the cord-cutting movement and a troublesome advertising market. Since the summer, scores of executives have been dismissed and strict cost-cutting measures have been adopted.
There has been a decline in show orders. It was shaping up to be another year of buying in the Peak TV era as the number of series ordered in the first half of the year showed no signs of relenting. According to the research, 325 series had been ordered more than any other series.
The market dried up in a matter of minutes.
The creator of the Apple TV+ series, "The Morning Show," said that his talent representatives had warned him that it was a "blood bath of a market."
He said that if you take it out, you will end up like the guys in the opening scene of the movie.
When executives ignored profit margins and gave full series orders without seeing a script, it was inevitable that a cutback on series orders would follow.
Robert Greenblatt, the former chairman of NBC Entertainment and WarnerMedia who is now a producer, said that it was part cost-cutting and stock price chaos and part correction for the buying frenzy that took place over the past five years.
The decline in the number of orders for scripted adult series in the United States was greatest at Warner Bros. Discovery and Paramount. Ampere says that the series orders for U.S. audiences have fallen. Orders from the three companies dropped in the second half of the year.
After losing subscribers, it promised to slow its spending. The company decided to allow commercials on the service after cutting hundreds of jobs.
Warner Bros. Discovery is facing a debt of $50 billion and has been in cost-cutting mode. There have been layoffs at all of the company's businesses. The once popular series "Westworld" was canceled last month and the raunchy dating series " F Boy Island" was cut a few weeks ago.
The Warner Bros. Discovery owned basic cable networks have scaled back their original programming efforts since the merger.
Apple TV+ and Amazon have increased the amount of adult scripted series they have purchased. According to Ampere, Disney has also done so. Disney bought less in the second half of the year than it did in the first half.
Mr. Black said that Amazon and Apple have deeper pockets than pure entertainment companies and can weather the storm.
Orders for scripted series in the US are falling, but orders for international and unscripted series are not.
The dip in the US was not a surprise. Landgraf said in August that this year was on track to have the most scripted TV series to air or stream.
He said that this year would be the last because fewer networks were investing in scripted content and all of the major media companies had started their streaming services.
He said at the time that you are subtracting some suppliers.
Digital giants like Facebook and YouTube, which invested in original series a few years ago, have mostly moved on. The CW is looking for programming that costs less. In the last few years, many basic cable networks have stopped trying to make original scripted programming.
The market conditions have made it difficult for some writers to turn a project into a TV series.
The TV writer said that writers are taking TV projects and converting them to features because they will be easier to complete. A lot of projects for the last 20 years that should have been features were stretched to be tv.
The strategy agents are suggesting is patience.
A prominent television agent said that it is a bad time to sell at the moment. If it's a really good show and the outlets we want to sell it to are not buying, my advice is to wait.
There is a debate about whether buying will increase in the new year. The possibility of a strike by the television writers union is one of the complicating factors.
Even if the buying doesn't reach the highest peaks of the Peak TV era, the declines will ease if the business is stable.
Lowering the volume could make for a higher percentage of quality shows.
The former television executive turned producer said that companies pulling back are good for the business. It will hopefully lead to less waste.
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