Australia's Drama Production Spending Falls 29%

Australia's drama production spending dropped by 29% to $1.7 billion in the 2023-24 financial year, marking the industry's worst performance in four years. Local productions accounted for $929 million of this total, reflecting an 18% decrease, while the number of Australian titles fell from 120 to 99, largely due to a significant decline in free-to-air drama. Factors contributing to this downturn include a tough global economic climate, the impact of the recent Hollywood writers' and actors' strikes, and reduced overseas investment. The Screen Producers Australia described the current situation as a 'collapse' in investment, particularly in commercial television without effective regulation. Despite these challenges, Screen Australia CEO Deirdre Brennan noted the $1.7 billion spend as a 'solid result' following a peak driven by Australia's COVID-safe filming reputation. The report also highlights a shift towards subscription video on demand (SVOD) commissioning, indicating changing audience behaviors and market dynamics.