Years ago, presiding over a trendy Tribeca brunch, Oscar-nominated actor Harvey Keitel gave my college friends and me a crash course in filmmaking. “Listen, man, even though we’re in the opening act of the 21st Century, there are just three things you need for a great movie or TV show–the script, the script, and the script!” exclaimed the Hollywood legend. Back then was a golden age of film and TV, but no one could imagine then that the very same content would be driving the biggest hits for streamers today. It’s done just that–and raised a difficult question: Why is old content outperforming original new content?
In 2022, streamers spent a whopping $23 billion on original new scripted content. Although more original content is being produced than ever before, few are watching it. According to Nielsen, 12 of the top 15 most watched titles on streaming platforms in 2022 were licensed content from years ago, including NCIS (2003), Cocomelon (2006), and The Simpsons (1989).
