Then, with success, year-over-year increases are being fueled by outsize episodic-fee bumps for above-the-line players. Not only are the size, scope and ambition of programmers increasing, but it’s also a seller’s market, which is driving up costs. While that’s a lot of money, it’s just not considered extraordinary anymore.” … The $10 million-an-episode budget used to be an extraordinary number. “I guess different services, different platforms will determine what’s acceptable for them. “I think more and more today, as the prices are rising, you hear the term ‘unsustainable,’” says veteran TV exec and producer Warren Littlefield (“The Handmaid’s Tale,” “Fargo”). And that budget creep is spilling over to traditional programmers, which are paying to keep up with the Pluses. Peak TV, meet Posh TV: With services like Apple TV Plus, Disney Plus, HBO Max and Peacock coming online over the next several months, even notoriously spendthrift conglomerates are opening their pocketbooks wider than ever. “More than ever, all these buyers and services are attempting to program for their audience they’re trying to get attention, get eyeballs and differentiate whatever they have from what everybody else has.” “At a time when there are 31,600 TV shows on, it’s really hard to break out, and I think it starts there,” says A+E Studios head Barry Jossen. That includes Netflix’s new drama “The Politician,” which executive producer Ryan Murphy recently bragged was one of its costliest shows ever, and Amazon’s long-gestating “Lord of the Rings” project - which is expected to be the most expensive series of all time once it gets underway, on top of the $250 million that the Tolkien estate charged just for the intellectual property. streamers have plenty of high-ticket items in their queue. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.Not to be outdone, TV’s O.G. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. This podcast should not be copied, distributed, published or reproduced, in whole or in part. All price references and market forecasts correspond to the date of this recording. This podcast was recorded on January 10, 2019.

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