“Streaming is Dead!” Has the Golden Age Come to an End?

“Streaming is dead.” That’s what some Disney executives reportedly said, according to Andor creator Tony Gilroy. He recently revealed that the 24 episodes of his Star Wars series cost a staggering $650 million to produce. But budgets like that are a thing of the past. On the contrary: cost-cutting is now in full swing. According to Deadline, Disney is laying off hundreds of employees—its fourth wave of layoffs in just ten months.

This isn’t exactly shocking. Just a year ago, Bob Iger admitted that Disney’s streaming division had lost $4 billion. Big-budget shows like The Acolyte and Secret Invasion didn’t help—they racked up costs but failed to resonate with audiences. That said, Disney+ has turned the financial corner and has been profitable for two quarters in a row.

Comparing Series Budgets: Prestige vs. Payoff

So, what do series cost these days? At an estimated $20.8 million per episode, Andor ranks among the most expensive shows and is pretty much as expensive as House of the Dragon. However, 13 series have been even more expensive, here’s three examples: The Rings of Power tops the list at around $58 million per episode, followed by Citadel at $50 million, and Stranger Things (Season 4) at $30 million.

I’m genuinely curious to see how the streaming landscape evolves from here. Aside from a few tentpole exceptions, the golden age seems to be over: subscription prices keep rising, ads are becoming unavoidable, and even though the volume of content is exploding, only a handful of shows actually break through the noise.

Which raises the question: do the best shows really depend on sky-high budgets? Sure, it’s impressive that Andor, House of the Dragon, and Shōgun look the way they do. But Breaking Bad pulled it off with $3 to $6 million per episode, and Chernobyl with $8 million—still expensive, but far from excessive. In the end, it’s the storytelling that sticks with us—not (or at least not only) the spectacle. Right?