Is Peak TV Dead, or Are We Just Entering a New Era?

What is Peak TV? Why are some people saying it’s dead? What does the future hold for viewers whose days of choosing from an overwhelming abundance of programming are allegedly over?

Peak TV is dead—and the days of Americans being able to choose from the greatest-ever number of original scripted shows is over, according to some. With rising production costs, lagging streaming adoption rates, and strikes, some argue that programming will decline, while others say it’s simply a new era.

Keep reading to find out whether Peak TV is really dead or not.

The End of an Era?

“The days of Americans having their pick of the greatest-ever number of original scripted series are over!” So proclaim TV and streaming industry observers who say that Peak TV is dead. 

Background 

“Peak TV” is a term coined by FX chairman John Landgraf in 2015. It references the period in which TV viewers were able to access an unprecedented quantity of shows as a result of streaming platforms’ rapid expansion. 

The alleged zenith of Peak TV came this January, when cable and streaming platforms broadcast a record 599 original scripted series. This followed years of streaming industry growth, as COVID-19 pandemic lockdowns led more people to binge-watch shows, demand for new series soared, and producers sold increasing numbers of shows to networks and streaming services.

Peak TV’s Demise

Landgraf and others now assert that Peak TV is dead—the victim of shifts in the TV and streaming landscape, production companies’ growing financial strain, and the current writers’ strike. They cite the following factors as contributors to, and signs of, the fall of Peak TV: 

• Production cost increases. A decade ago, Netflix began turning out hard-hitting shows with A-list casts—an expensive but successful endeavor that led to the company’s explosive growth. Other large media companies seeking to follow in Netflix’s footsteps and woo large subscriber bases also produced mass quantities of content at high production costs—leading to bloated budgets. In 2022:
• Lagging streaming adoption rates. In 2022, industry competition led to a flattening of large streaming services’ subscription adoption rates—a key source of their revenue.
• Streaming programming shifts. Industry competition and a new focus on profitability over subscriber growth has led more streaming companies to:
  • Turn from scripted shows to content that’s less expensive to produce.
  • Launch ad-supported programming tiers to generate revenue.
  • Invest more in titles that will attract and engage specific types of dedicated viewers.
• Cable programming shifts. Once the home of top-rated programming, cable took a hit when cable content became accessible online, customers began “cutting the cord,” and media owners diverted funding to streaming.
• Broadcasting programming shifts. Broadcast TV programming is moving away from scripted programs and toward live sports and game shows, which are less expensive to produce and appeal to older audiences.

Some argue that the Writers Guild of America (WGA) strike will deliver the final blow to Peak TV: By disrupting the content pipeline, the strike will saddle production companies with years of staggering costs from shutdowns and partially completed seasons—rendering them unable to produce content at their past breakneck speed.

Looking Ahead

Some streaming industry observers say that the next, profit-driven phase of streaming will deliver poorer quality content, as studios focus more on shareholders’ interests than those of audiences. As a result, they argue, companies will default to producing only content rooted in already-proven, profitable concepts—like successful TV shows and storylines that they can expand and easily replicable franchises.

But others contend that the end of Peak TV will mark the start of an era of better TV, arguing that as the streaming industry’s focus increasingly shifts from producing high volume to high-quality content targeted to specific audiences, shows will become more compelling.

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