Audiences are flocking to familiar shows on new streamers thanks to licensing deals

One of the key pieces of the profitability equation that all media companies are trying to solve when it comes to their streaming services is how much content to license to competitors; or, in some cases, whether to license any at all. Most of the biggest media companies like AMC Networks, Disney, Hallmark, and Warner Bros. Discovery have decided to send some of their content to Netflix, and a new survey from Hub Research provides some insight into how customers are responding to the increase in licensing deals across the industry.

Key Details:

• The data found that 60% of viewers say they’re noticing shows are more available outside the networks where they originally aired.
• Audiences are now more likely to identify older streaming titles as their favorites as opposed to new shows.
• Nearly eight out of 10 viewers say more of their time is spent watching TV shows they really enjoy.

Hub’s data shows that for the first time in the past four years, fewer viewers think that streaming services are producing more originals than in the past. The general impression is that streamers are creating fewer originals, and relying more on licensed titles, which is in line with most streamers’ strategies to reduce spending on original content.

Viewing audiences have also observed this uptick in licensing deals. A full 60% of respondents to Hub’s survey say that they somewhat or strongly agree that they are watching more shows available outside their original airing sources, a direct result of the increase in shows moving from platform to platform.

The survey also does a good job of quantifying what I’ve taken to calling the “Suits” Effect. It shows that the majority of viewers who say their favorite TV show is an older series is increasing, rising from 54% in 2021 to 60% in 2024. The availability of older titles on streaming services that more customers are subscribed to is increasing their popularity; the legal drama “Suits” is a microcosm of this, as it became a runaway hit with viewers after being licensed to Netflix in 2023.

As a result of the increase in licensing agreements, viewers say they’re spending more time watching the TV they enjoy the most. Hub found that 79% of respondents said they’re watching more of the TV they really like, an increase of 11 percentage points since 2020. The distribution of older TV shows on free streaming platforms also has an effect on this metric.

“More than ever, viewers are embracing favorite original shows that they may not have seen when they first came out,” Hub senior consultant Jason Platt Zolov said. “As studios continue to make these shows more broadly accessible, consumers will benefit as long as the streamers can help viewers find those shows with better recommendations and discovery tools.”

Shows like “Sex and the City” and “Interview with the Vampire” may be driving more viewers to Max and AMC+ after cord-cutters watch them on Netflix, but one thing is clear thanks to Hub’s data: customers are happy with the increased availability of older TV shows on a wider range of platforms.