The six largest global content providers – Disney, NBCUniversal, Google, Warner Bros Discovery, Netflix and Paramount – now account for over half of all content investment.

Through acquisitions, mergers and expansion into new content categories, the major Hollywood studios, along with Google, are increasing their influence.

In 2024, the top-6 global players will collectively invest $126 billion in content, accounting for 51.3% of total investments, up from 47.2% during covid-19 in 2020, according to Ampere Analysis.

- "Ongoing investment by major studios and streaming platforms into new programming will continue be key to keeping audiences engaged and entertained. We can expect that the content landscape will see low level growth in 2024 as production schedules recover from disruptions caused by the pandemic and the writers' and actors' union strikes," said Peter Ingram, Research Manager at Ampere Analysis.



Disney is the top spender, but...
Disney is estimated to invest $35.8 billion in 2024, followed by Comcast/NBCUniversal ($24.5 billion), Google ($17.6 billion), Warner Bros Discovery ($16.8 billion), Netflix ($16 billion) and Paramount ($15.1 billion).

However, a significant portion of Disney's investments go towards sports rights in regional markets, such as the US. As for content created specifically for streaming services, the front-runners are Google, due to payments to YouTube creators, and Netflix. A total of $40 billion of the $126 billion is earmarked for content for streaming platforms.

Disney operates streaming services such as Disney+, Hulu and ESPN, Warner Bros Discovery runs Max and Discovery+, and Paramount has Paramount+ and SkyShowtime; the latter co-owned with NBCUniversal.

The figures include theatrical films, which are later released on streaming platforms.


Netflix to increase its budget in 2025
While Disney took a big leap in 2024 due to its acquisition of Hulu, adding $9 billion to its content budget, Ampere expects Netflix to be a top mover in 2025.

This is because Netflix is set to make major investments in sports, with wrestling (WWE) and American football (NFL).

Ampere also noted that over half (52%) of Netflix's content investments now relate to international productions.


The new global players
Although the top-6 are taking a larger slice of the pie, new global players are vying for a spot. Both Amazon and Apple have set up their own content studios, including film studios.

Amazon acquired film studio MGM in March 2022 to help increase its influence in Hollywood.

Both Amazon and Apple operate global streaming services, Prime Video and Apple TV+.

6 key findings in the report
In Ampere Analysis' own words:

Despite announced cutbacks amongst its linear and theatrical brands, Disney remains the largest contributor to the media landscape at 14% of global investment in TV and film content in 2024. This has been supported by the full acquisition of Hulu at the beginning of 2024, adding an additional $9bn in to Disney's spend total.
Original content spend remains the leading spend type across these providers, accounting for over $56bn in investment and 45% of their total spending since 2022. 
Google's contribution to the content market comes via YouTube, and investment in programming through its revenue-sharing arrangements with content creators. While a different entity to other TV and Film groups, YouTube continues to build its global presence through partnership deals with major content owners, making it the third largest contributor to the content landscape.
Besides YouTube's more unique proposition, Netflix is the top investor in global streaming content. It has averaged a total of $14.5bn in annual investment in original and acquired programmes since the pandemic. Further growth is expected in 2025 through the acquisition of Sports Rights for NFL matches and WWE entertainment.
In total, $40bn of the $126bn is currently spent on these six operators' subscription streaming services (including Disney+, Peacock, and Paramount+). This highlights the growing importance of these platforms as audiences move away from linear television in favour of the convenience and expansive catalogues available via streaming.
Despite production shutdowns caused by the US writers' and actors' strikes, streamers have continued to support the production landscape by pivoting towards more global strategies. International (non-US originating) programming accounts for 40% of Paramount+'s and 52% of Netflix's spend in 2024. Such content is typically cheaper to produce, and effective in motivating new and niche audiences to subscribe to a platform, supporting revenues.
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