Australian Screen Industry Investment Plummets, Report Shows

variety.com:

Naman Ramachandran Screen Australia‘s latest Drama Report reveals a sharp 29% drop in total industry expenditure for 2023-24, with spending falling to AUD1.7 billion ($1.08 billion), notes Screen Producers Australia (SPA).

The downturn spans multiple sectors, including a significant reduction in free-to-air drama and theatrical features. Investment in Australian titles decreased by 18%, dropping from AUD1.128 billion to AUD929 million, with the number of productions falling from 120 to 99.

Free-to-air drama took the biggest hit with a 32% decline in spending. Local streaming service Stan emerged as a leading commissioner with 12 titles, while international platforms showed limited engagement.

Netflix and Binge each backed four titles, with Paramount+ and Prime Video contributing to two projects each. SPA CEO Matthew Deaner highlighted the impact of unregulated streaming platforms on the industry. “These figures lay bare what is an ongoing letdown for Australians from international streaming businesses that have disrupted the existing screen ecosystem,” Deaner said.