European TV production remains strong, but there are concerns about a decline in American style

European television has not yet reached its peak. At least not yet.

While the U.S. television business has suffered a sharp downturn due to fewer commissioned programs and broadcasts and layoffs across major studios, European television production is still on the rise, according to a new report from a think tank. It is said that there is. The European Audiovisual Observatory (EAO) announced its findings on Tuesday in a keynote address at the TV festival Series Mania.

There were 873 fictional series produced for broadcast and streaming platforms in Europe in 2022, the last year for which the EAO has data, an increase from 775 in 2021 and a new record, the study found. The group discovered. That compares with a drop in new fictional series produced in the U.S. from 600 to 516, according to FX statistics.

Europe can thank streamers. According to EAO research, global spending by streaming platforms rose 70% year-on-year to $5.3 billion (€4.9 billion) in 2022, accounting for just under a quarter of all spending on original content in Europe. The push for streaming, driven both by market share gains and the need to meet EU regulations on European content allocation, is raising all boats, with competing broadcasters, private and public, also pouring in more money. It has become a trend. Maintain production.

But the EAO warns that Europe may just be lagging behind the US and that a decline is on the way. The report notes that some streamers have announced they will limit investment in non-US content. The euro audiovisual market grew by 5.6 percent in 2022 to reach just over $140 billion (130 billion euros), while the European television business is experiencing strong nominal growth. 60 percent of that growth is due to the streaming boom, and after adjusting for inflation, the rest of the sector is in secular decline.

Streaming is also spread unevenly across Europe, with UK and Spanish productions together accounting for more than half (55%) of global streamer spending on original European content.Netflix-led boom in Spanish TV in particular — consider Netflix’s global hit money robbery and its recent spin-off series Berlin — Local industries may be particularly vulnerable to economic downturns.

The EAO issued a similar warning to European production companies, including major ITV Studios, BBC Studios, RTL’s Fremantle and France’s Banijay, which have enjoyed a boom from streamers and rising fees. However, the EAO report notes that “streamers’ increased investment in European productions should not be taken for granted, at a time when most streamers are still not making a profit.”