(Bloomberg) — The number of scripted TV series will peak in 2022, according to a prediction from John Landgraf, the chairman of Walt Disney Co.’s FX division, who was behind numerous popular series, including “American Crime Story.”
There were 357 scripted TV series on cable, streaming and broadcast services through June, a 16% increase from the same period in 2021, Landgraf told reporters at the Television Critics Association on Tuesday. He expects that figure to fall next year.
Media companies have said they are reevaluating their spending after companies, such as Comcast Corp. and Warner Bros. Discovery Inc., engaged in a costly battle to build up their streaming streaming services. In April, Netflix Inc. reported a shocking drop in subscribers, causing Wall Street to focus on profitability over churning out a high volume of expensive new shows in a quest for growth.
“This year will be the high watermark,” he said. “It will mark the peak of the peak-TV era.”
Landgraf, who was also responsible for the hit show “Sons of Anarchy,” has been wrong before. He previously said TV production would top out in 2018 or 2019. But last year the industry made a record 559 scripted shows, according to FX data.
Landgraf partly attributed the inaccurate forecast to the Covid-19 pandemic, which delayed many productions. The TV industry had to play catch-up, he said.
The executive said he’s spending his time focusing on producing shows for Disney, including its FX programming on the Hulu streaming service, and none of his time on managing the company’s FX cable networks. Hulu has helped Disney reach more than 200 million total streaming subscribers, and compete against other media giants working on expanding their own direct-to-consumer products.
Landgraf said he views his competition as existing services, and doesn’t expect new players in the streaming wars.
“The process is complete,” he said. “I don’t see new major purveyors of programing entering the scene.”
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