The trend in Film and TV for 2023: Less is More

We could be forgiven for feeling guilty by wishing someone in the film and TV sector a Happy New Year in 2023. The pandemic saw record numbers of subscribers to streaming services, and many were betting on consumer habits lasting beyond the pandemic. Yet the loss of subscribers from major streaming services in the second half of 2022 and a cost-of-living crisis squeezing everything from pasta to cinema tickets, saw the trend for film and TV shows darken.

This was compounded by a debt and cashflow crisis for the major producers. In 2022, Warner Bros. Discovery reported a net debt of $50 billion dollars. Furthermore, after counting the costs of the ‘streaming-wars’, Disney, Warner-Bros Discovery, Paramount, and NBC Universal lost a collective $10 billion in operating revenue. The final nail in the proverbial was the Writers Guild of America announcing they too were going to hold a vote to join the mass of unions striking in 2023.

It is easy therefore, to perhaps put that investment in new content on hold for more optimistic times. However, that would miss the opportunity that 2023 presents for smaller, independent film and tv companies. Specifically, that this era of debt-laden and cost-cutting producers creates a new trend in 2023: less is more. No longer will money be handed out to anyone with a script. Instead, producers will be looking for those shows with lower costs that are more carefully curated. Indeed, they have already shown signs of cutting shows in their infancy that aren’t meeting these requirements and ‘scoring’ high enough with subscribers.

For the independent film and tv company, this offers a chance to win new business from the major players in the industry. The latter will struggle with high overheads and will be less likely to win business from more cost-effective productions than their smaller counterparts. Moreover, this is also made more effective by any potential strike. The Writers Guild of America strike, if it goes ahead, would put Hollywood at a standstill. This too would be the opportunity for those writers and producers in Europe and the UK to take over those contracts and expand the film and TV market outside North America.

Therefore, whilst the headlines for industry predict 2023 as a ‘year of turmoil’, it is instead an opportunity for the smaller, independent film and TV company to win new contracts and compete with their larger rivals. So next time you see a colleague looking glum, remind them that the January blues will soon be swapped for the optimism of spring. Happy New Year indeed.