Subscription fees for video streaming services have been on a steady incline. But despite subscribers paying more, surveys suggest that viewers are becoming less satisfied with what’s available to watch.
At the start of 2024, the industry began declaring the end of Peak TV, a term coined by FX Networks chairman John Landgraf, refers to an era of rampant content spending that gave us shows like The Wire, Breaking Bad, and Game of Thrones. For streaming services, the Peak TV era meant trying to lure subscribers with original content that was often buoyed by critical acclaim and/or top-tier actors, writers, and/or directors. However, as streaming services struggle to reach or maintain profitability, 2024 saw a drop in the number of new scripted shows for the first time in at least 10 years, FX Research found.
Meanwhile, overall satisfaction with the quality of content available on streaming services seems to have declined for the past couple of years. Most surveys suggest a generally small decline in perceived quality, but that’s still perturbing considering how frequently streaming services increase subscription fees. There was a time when a streaming subscription represented an exclusive ticket to viewing some of the best new TV shows and movies. But we’ve reached a point where the most streamed TV show last year was Suits—an original from the USA Network cable channel that ended in 2019.