Investment in Australian screen industry plummets 29 per cent

The Australian screen industry experienced a dramatic decline in the 12 months to June 2024.

According to figures released by Federal Government agency Screen Australia, $1.69 billion was invested in drama and scripted comedy TV and film productions, a massive 29 per cent drop from the previous year’s $2.38b.

Of that $1.69b, $929m was spent on local productions, down 18 per cent from the previous year. Scripted streaming and TV shows and movies accounted for $657m, down from $680m the year before, and theatrical films for $214m, down from $367m.

There was also a significant decline in international productions made in Australia with TV and streaming projects down to $122m from $498m and theatrical films down to $645m from $759m.

The data is collected for the year of production and not the year of release. For the reporting period, this included Stan series Thou Shalt Not Steal, Binge comedy Colin From Accounts, ABC comedy White Fever, upcoming series Apple Cider Vinegar from Netflix and The Narrow Road to the Deep North from Prime, and American movie Play Dirty starring Mark Wahlberg and LaKeith Stanfield.

Screen Australia chief executive Deidre Brennan spun the expenditure numbers as “a solid result” and credited the decline to the previous three years’ “peak” being driven by the country’s reputation as a “COVID-safe” production destination.

The total expenditure was $2.38b in the 2022 financial year and $1.9b in the 2021 financial year. In the 2020 financial year, half of which was affected by early COVID shutdowns before production exemptions were granted, the investment was $1.06b. In 2019, it was $1.17b.

Brennan’s comments suggest the 2024 figures reflected a correction and that the halcyon days of 2021, 2022 and 2023 were unlikely to be repeated anytime soon.

Streamers’ share of spend, versus broadcasters, accounted for 65 per cent of scripted series productions.

While the overall spending on local productions declined, investment from Australian broadcasters, streamers and distributors actually went up by 34 per cent.

The Australian Government had promised to legislate local content quotas on international streaming platforms including Netflix, Amazon Prime Video and Disney+ from July 1, 2024. The date passed with no action, including what a proposed model might look like.

Screen Producers Australia chief executive Matthew Deaner said the report only confirmed that government legislation was necessary.

“These figures lay bare what is an ongoing letdown for Australians from international streaming businesses that have disrupted the existing screen ecosystem and received so much from governments in production subsidies and the Australian public by way of subscriptions, but continue to return so little to Australians by way of an appropriate level of Australian content on these platforms,” he said in a statement.

“No government can look at these figures and conclude that all is well in the Australian screen industry.

“Australian audiences deserve to see and hear their own stories on all platforms. However, this won’t happen until we come to grips with the changes needed to address the disruption being felt and by helping to adapt our industry for the digital age.”