In 2024, the six largest global content providers—Disney, Comcast, Google, Warner Bros. Discovery, Netflix, and Paramount—combined to spend more than half of all investments in the global TV and film industry. This amounted to a record $126 billion, according to a report by Ampere Analysis.

Together, these companies represent 51% of the total global content market, an increase from 47% in 2020. This spending increase comes despite recent economic pressures and evolving consumer preferences within the industry.

Disney leads the group as the largest content investor, representing 14% of the global total. This level of investment has been bolstered by Disney’s acquisition of Hulu, which was completed in early 2024 and added $9 billion to Disney’s annual budget for content. Although Disney has recently scaled back on its linear TV and theatrical production budgets, the company’s focus on streaming has helped maintain its industry-leading position.

Spending on original programming has been a priority for these top studios, with more than $56 billion, or 45% of their combined spending, allocated to original content over the past two years.

Netflix, the largest investor in global streaming content, has consistently maintained an annual spend of $14.5 billion on both original and acquired programming since the pandemic. This figure is expected to grow in 2025, following Netflix’s recent acquisition of sports rights, including NFL games and WWE content, which will broaden its content offerings and appeal.

Unique among the major players, Google’s YouTube has achieved significant market influence by investing in creator partnerships and revenue-sharing programs rather than traditional TV and film production. This approach has made YouTube the third-largest contributor to global content spending, as it continues to secure deals with prominent content creators and expand its global reach.

Streaming platforms, including Disney+, Paramount+, and Peacock, accounted for $40 billion of the $126 billion spent across these six companies, underscoring the shifting preference of audiences from traditional linear television to digital streaming options. With an expansive array of on-demand content, these platforms have attracted substantial viewership as convenience and variety remain top priorities for consumers.

Production shutdowns in the U.S. due to recent writers’ and actors’ strikes slowed domestic output; however, major studios offset the impact by ramping up international content production. Paramount+ directed 40% of its spending toward content outside the U.S., and Netflix spent 52% on international programming, often attracting new subscribers and reducing production costs.

Peter Ingram of Ampere Analysis commented on the outlook for 2024 and beyond: “Ongoing investment by major studios and streaming platforms into new programming will continue to be key to keeping audiences engaged and entertained. We can expect low-level growth in 2024 as production schedules recover from recent disruptions. However, overall growth will likely plateau as companies refocus on strategic investments and profitability.”