The world’s biggest media players, including Disney, Comcast, Google, Warner Bros. Discovery (WBD), Netflix, and Paramount, are expected to cross a major milestone in 2024, with a combined content spend forecasted at $126 billion, according to Ampere Analysis. This total represents a significant share of the global content landscape, with these six giants accounting for more than half (50.6%) of the market’s overall spend, marking a steady climb from previous years.
Leading the charge is Disney, which is projected to spend $35.8 billion, supported in part by its recent full acquisition of Hulu. Comcast follows closely with $24.5 billion, while Google, WBD, Netflix, and Paramount round out the top spenders. Netflix, in particular, continues to dominate the streaming space with its push on original content, clocking in $16 billion this year alone. Paramount, although slightly behind at $15.1 billion, has shown a strong focus on international expansion, with global content making up a substantial portion of its recent spending.
Ampere’s report shows a clear shift toward international productions, with streamers like Netflix and Amazon increasingly sourcing content from outside the United States. In the second quarter of this year, for the first time, both companies ordered a majority of new titles from international markets. This trend is in response to production challenges and strikes in the U.S. and aims to meet growing global demand. Ampere highlighted that Netflix allocated 52% of its 2024 budget to international content, while Paramount+ spent 40% on international projects.
The landscape is facing other shifts as well, with companies refocusing on quality over quantity. Peter Ingram, Research Manager at Ampere, noted that while the “Big Six” media companies will continue to lead in content investment, overall market growth may slow down. Many companies are expected to adopt a more strategic approach, concentrating on investments that prioritize profitability and sustainability over sheer volume.
Ingram also highlighted that streaming platforms, particularly those under the big six companies, spent nearly one-third of their budgets—roughly $40 billion—on subscription streaming services alone this year. This focus on streaming is set to expand further, with Netflix acquiring NFL and WWE rights, which could boost their content budget even higher in 2025.
Amidst these changes, the U.S. media landscape remains challenging. Traditional U.S.-based players are dealing with reduced ad revenues and higher costs, making international expansion and strategic investments a key part of their growth plans.
