Analysis: Netflix, Prime Video still dominate streaming Originals
July 1, 2024
In Q1 2024 Netflix and Prime Video returned to dominance in Original commissioning, having been challenged in recent years by the launch of studio-backed SVoD platforms.
According to a report by Ampere Analysis, Netflix commissioned its highest number of new titles since Q3 2021, and Prime Video set a new record for its quarterly commissions. This resurgence in Original orders coincides with falling commissions from cost-conscious rival streamers, which meant the two streaming giants accounted for more than half (53 per cent) of all SVoD commissions globally in Q1.
This growth is spurred by increased investment in international territories, with Netflix and Prime Video ordering the majority of their titles from outside the US. Over the past few years, spend outside of the US by the two commissioners has increased steadily. Ampere predicts it will continue to rise as the players attempt to combat domestic subscriber stagnation by chasing expansion internationally.
Netflix’s commissioning growth propelled by W European and Asia-Pacific titles
- In Q1 2024, Netflix’s Western European commissions almost achieved parity with North American titles for the first time. Asia Pacific titles also saw a notable uptick. Netflix is seizing the opportunity for international growth, focusing on proven market providers of portable content such as Spain, India, and South Korea
- Netflix’s Western European commissions were led by the UK, Spain, and Germany. Cost-effective Unscripted content featured heavily in the platform’s Western European commissions, with Documentaries accounting for 30 per cent of regional orders, up from 23 per cent in Q1 last year. The UK only contributed 43 per cent of the region’s Documentaries, a notable drop from the same period last year when it was 78 per cent
- In Asia Pacific, Thailand experienced the biggest individual increase with nine titles ordered in Q1 2024. Crime & Thriller content was a focus in India, which is predicted to become Netflix’s largest subscriber hub in the region as it seeks to compete more closely with Prime Video in the country
- Netflix is increasingly reliant on pay-one agreements with theatrical studios for its supply of new, exclusive US films, and has decreased its domestic commissioning of original movies. By contrast, it has upped its international movie orders in territories like the Nordics, Asia Pacific and Sub-Saharan Africa.