The year 2024 has witnessed streaming services take over the television sector. The trends of reboots, revivals, sequels, and prequels to iconic shows are no longer mere cyclical patterns; they represent a potent cultural and economic force, as nostalgia combined with high-budget sci-fi productions leads the charge. From titles like The Lord of the Rings: The Rings of Power to House of the Dragon, these reboots are a lucrative venture for both studios and brands. Additionally, the nostalgic element provides viewers with a comforting familiarity while simultaneously introducing engaging stories and diverse casts to attract various audience demographics. In observation of World Television Day on November 21, 2024, LUXUO investigates how streaming services are utilizing reboots and revivals of cherished shows to capitalize on an already established fanbase, especially among millennial and Gen Z viewers. With the prevalence of high-budget series, studios recognize the economic benefits of appealing to the emotions of audiences.
Sci-Fi Enthusiasts & Aficionados
Take, for example, HBO’s House of the Dragon, an adventure fantasy series from 2023 that serves as a prequel to Game of Thrones. At its peak, Game of Thrones achieved both critical and commercial acclaim, garnering a passionate fanbase. The release of House of the Dragon capitalizes on this significant preexisting audience, while also providing a potential redemption story following the disappointing conclusion of Game of Thrones’ eighth season, which faced overwhelming backlash from fans and critics alike. Jacob Sarkisian noted for Business Insider in 2020, “I rewatched season 8 of Game of Thrones a year later, and while it was just as bad the second time around, it reignited my love for Westeros.”
In fact, the backlash regarding the concluding season was so severe that it led to over 1.8 million signatures on a Change.org petition demanding a remake of the eighth season with “capable writers.” So far, House of the Dragon has received a favorable reception, boasting an 87 percent approval rating on Rotten Tomatoes, which starkly contrasts with the 55 percent rating for Game of Thrones’ final season.
From a production standpoint, both Game of Thrones and House of the Dragon share similar visual and thematic elements. Despite the original creators, David Benioff and Dan Weiss, opting out of the House of the Dragon spin-off, the visual consistency certainly aids in practical aspects such as costumes, set design, and CGI among other production elements.
House of the Dragon illustrates how sequels, prequels, and spin-offs can enhance storytelling, introduce new characters, and create expansive worlds, maintaining audience engagement across various releases while fostering brand tie-ins. Marvel exemplifies this tactic with its expansive storytelling universe, highlighted by Disney+’s Agatha All Along. The show draws on a preexisting audience from 2021’s WandaVision, which itself stems from the MCU superheroes Scarlet Witch and Vision and relates directly to Avengers: Endgame.
Within Agatha All Along, the combination of new characters portrayed by fresh actors alongside established talents enhances its cross-generational appeal, amplifying revenue opportunities. By blending devoted fans of acclaimed performers like Kathryn Hahn and Patti LuPone with younger audiences attracted to talents like Joe Locke, who gained recognition from Netflix’s Heartstopper, a compelling intergenerational connection fosters broad cultural resonance.
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The Nostalgia “Halo Effect”
One factor driving production studios to exploit nostalgia for future profits is this very emotional connection. Nostalgia-driven consumption generates a “halo effect” for streaming platforms. Millennials and Gen Z are attracted to programs that resonate with their cultural memories, and focusing on classic films and series from their formative years creates instant emotional ties that can boost viewership. By reintroducing beloved characters and stories, streaming platforms evoke positive reminiscences, forming a bond that aligns with viewers’ past experiences. Consequently, reboots and sequels benefit from a pre-existing fanbase, facilitating reduced marketing expenditures and potentially securing a readily engaged audience that translates to revenue from ticket sales, merchandise, and streaming views.
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Content that evokes nostalgia often draws on retro aesthetics, as audiences increasingly embrace styles from the ’80s, ’90s, and early 2000s. Studios can capitalize on this trend by producing new shows that capture the nostalgic charm of these decades, forging connections with viewers on a sensory level. For instance, Netflix’s Stranger Things merges its 1980s backdrop with relevant thematic and fashion elements, featuring iconic actors from that period, such as Winona Ryder, famously known for Beetlejuice — a role she revives this year — alongside other cult classics from the ’80s.
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Similarly, Wednesday, inspired by The Addams Family, offers a contemporary reinterpretation of familiar figures by casting emerging stars like Jenna Ortega while maintaining connections to the original through the involvement of Christina Ricci, the 1990s Wednesday Addams. These layered references create a potent mix of yesterday and today that resonates profoundly with viewers.
High-Budget Series: Television’s New Frontier
The Lord of the Rings: The Rings of Power stands out as a considerable financial venture, with production expenses reaching USD 465 million, approximating USD 58 million per episode. When factoring in the acquisition of rights, promotional activities, and additional costs, the total expenditure for the season skyrocketed to a remarkable USD 1 billion. For its second season, an even larger budget is expected to accommodate more expansive scenes and complex production elements. The budget accounts for significant costs such as acquiring rights from J.R.R. Tolkien’s estate and Warner Bros, extensive marketing campaigns, and filming expenses in New Zealand, where Amazon benefitted from over USD 100 million in tax rebates. Younger viewers, who were too young to appreciate the original The Lord of the Rings films, are now engaging with The Rings of Power and subsequently revisiting the earlier movies, creating a renewed connection with Middle-earth from a fresh perspective.
Reboots are increasingly functioned as a financial safety net while also serving as a gauge for audience enthusiasm and potential profitability. This year, Netflix launched Dead Boy Detectives, which exists within the same universe as 2022’s The Sandman, an American fantasy drama based on the 1989–1996 comic series. Seeking to capitalize on The Sandman’s success, which had a budget of about USD 165 million (approximately USD 15 million per episode), Dead Boy Detectives aimed to leverage an established audience and a growing universe. However, despite garnering positive reviews and strong early viewership, Netflix canceled the show after its first season, reportedly due to lackluster long-term subscriber engagement, witnessing a drop from 4.7 million views in the first week to merely 1.8 million in the third week. Fans’ vocal expressions of disappointment over the cancellation on social media served as a bonus for Netflix — a win-win scenario for free publicity. This situation also emphasizes the high-risk, high-reward landscape of modern television and streaming services.
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Studios are making significant investments in these high-budget productions to associate themselves with the notions of quality and exclusivity. Reboots and revivals frequently involve lavish sets, advanced CGI, and star-studded casts, leading to potential partnerships with luxury brands eager to showcase their products or sponsor exclusive events.
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The Bigger (Investment) Picture
MCU Studios is well-known for organizing strategic releases to enhance engagement. They have been adept at timing their sequels and prequels to maximize audience interest between blockbuster releases. This consistent flow of content promotes ongoing engagement, contributing to a steady revenue stream rather than isolated earnings. This complements merchandising and streaming bundle strategies.
New characters and memorable moments from reboots generate extensive merchandise opportunities, ranging from limited collectibles to fashion collaborations, extending revenue potential beyond the original film or series. For streaming platforms, exclusive rights to sought-after reboots and spin-offs are critical for attracting subscribers. Bringing back familiar favorites attracts new viewers while retaining existing ones, fostering a sustainable revenue model. Studios are packaging new releases with classic series or films, creating “nostalgia bundles,” a strategy employed by both Amazon Prime and Disney+ that encourages viewers to consume both classic and new content, thus boosting overall viewing figures.
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Highest-Budget Television Series of 2024:
House of the Dragon
Budget: HBO reportedly allocated over USD 20 million per episode.
Fallout
Budget: Amazon Prime Video’s first season was said to cost USD 153 million.
Agatha All Along
Budget: At USD 40 million, this series has the lowest budget of any Marvel Cinematic Universe (MCU) series on Disney Plus.
Squid Game
Budget: The budget for Netflix’s Squid Game season 2 is approximately USD 21.4 million.
The Acolyte
Budget: Disney’s Star Wars show The Acolyte reportedly exceeded its production budget, hitting USD 230.1 million during post-production.
The Penguin
Budget: This limited series spin-off from the 2022 film The Batman had an estimated budget of around USD 260 million.
The list of 2024’s highest-budget television series indicates that prequels and reboots sustain the highest production budgets, emphasizing the persistent commercial attractiveness of sci-fi and nostalgia-driven narratives.
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