The Commercial Power of Television Reboots and Revivals

2024 has seen streaming platforms monopolise the television industry. Reboots, revivals, sequels and prequels to beloved shows and television series are not just a cyclical trend — they are a viable cultural and commercial force with the use of nostalgia and high-budget sci-fi productions taking centre stage. From The Lord of the Rings: The Rings of Power to House of the Dragon, sci-fi reboots are proving to be a goldmine for studios and brands alike. At the same time, the element of nostalgia offers a sense of familiarity while introducing fresh narratives and dynamic new casts to appeal to a wide range of audiences. In line with World Television Day — which falls on 21 November 2024 — LUXUO explores how streaming platforms are leveraging on the reboots and revivals of beloved television series to hone in on an existing loyal fanbase, particularly among millennial and Gen Z audiences. With high-budget TV series’ becoming the norm, studios are acknowledging that there is a commercial value to tugging at viewers’ heartstrings.

Sci-Fi Fans & Fanatics

Take, for instance, 2023’s HBO adventure fantasy House of the Dragon which is a prequel to Game of Thrones. In its heyday, Game of Thrones was a critical and financial success amassing a legion of dedicated fans. The release of 2023’s House of the Dragon as a prequel to Game of Thrones not only taps into a large preexisting fanbase but also allows for critical redemption of sorts. The end of season 8 of Game of Thrones was critically panned by fans and critics. “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,” wrote Jacob Sarkisian in 2020 for the Business Insider.

Fan reception toward the final season was so bad in fact that over 1.8 million people signed a Change.org petition to remake the eighth and final season with “competent writers”. The reception to House of the Dragon has so far been positive with an 87 percent rating on Rotten Tomatoes — a far cry from Game of Thrones final season which achieved a score of 55 percent.

From a production perspective, Game of Thrones and House of the Dragon share similar thematic and visual concepts. While Game of Thrones creators David Benioff and Dan Weiss have refused to be involved in the House of the Dragon spin-off, this is an aesthetic framework that undoubtedly facilitates logistical details like costumes, set design, graphics, CGI, and other production components.

House of the Dragon highlights how sequels, prequels, and spin-offs offer avenues to deepen narratives, introduce new characters, and create expansive worlds, keeping audiences engaged across multiple releases while enabling cross-promotional tie-ins with brands. Marvel is a major purveyor of this strategy, capitalising on expanding story universes — case in point, Disney+’s Agatha All Along. The show already has an existing fanbase from 2021’s WandaVision which is in itself derived from MCU superheroes Scarlet Witch and Vision and is a sequel to Avengers: Endgame.

In Agatha All Along, the introduction of new characters fronted by fresh-faced stars alongside legendary actors is the amalgamation of tapping into cross-generational appeal as a means to boost revenue. Take the loyal fans of established actors Kathryn Hahn and Patti LuPone, and combine that with the young fans of Joe Locke — who has established a voracious following with Netflix’s Heartstopper — and one has a perfect combination of intergenerational reach and cultural resonance.

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The Nostalgia “Halo Effect”

One reason why production studios could be leaning so heavily on the past to make profits for the future is the element of nostalgia. Nostalgia-driven consumption provides a “halo effect” for streaming platforms and here is how. Millennials and Gen Z are drawn to programs that understand their cultural touchpoints, and honing in on popular movies and television shows that were onscreen during the childhoods of today’s adults creates an instant emotional connection that could drive viewership. By reviving familiar characters and stories, platforms can evoke positive memories, establishing a bond with viewers who see the platform as attuned to their past experiences. Reboots and sequels then capitalise on this existing fanbase of built-in fan loyalty, which could reduce the need for exorbitant marketing budgets and potentially guarantees an eager audience that equals sales from tickets, merchandise and streaming views.

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Nostalgia-focused content taps into the popular retro aesthetic, as fans increasingly embrace styles from the ’80s, ’90s, and early 2000s. Studios can leverage this trend by creating new shows that capture the nostalgic allure of these eras, connecting with audiences on a sensory level. For example, Netflix’s Stranger Things combines its 1980s setting with fitting thematic and sartorial details alongside famed actors of the era, like Winona Ryder, known for Beetlejuice — a role she reprises this year — alongside other ’80s cult classics.

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Similarly, Wednesday (inspired by The Addams Family) reimagines familiar characters with a modern twist, casting fresh talent like Jenna Ortega while keeping ties to the original by pairing her with Christina Ricci, the 1990s Wednesday Addams. These layered references create a powerful blend of past and present that resonates deeply with audiences.

High-Budget Series: Television’s New Frontier

The Lord of the Rings: The Rings of Power was a significant financial undertaking, with production costs alone reaching USD 465 million, or approximately USD 58 million per episode. When factoring in the purchase of rights, promotional expenses, and other associated costs, the total budget for the season amounted to a staggering USD 1 billion. For Season 2, an even larger budget is anticipated to support more expansive scenes and intricate production elements. The show’s budget encompasses various substantial expenses, including the purchase of rights from J.R.R. Tolkien’s estate and Warner Bros, extensive promotional campaigns, and the costs of filming in New Zealand, where Amazon benefited from a tax rebate exceeding USD 100 million. Young viewers who were too young to appreciate the original The Lord of the Rings franchise are watching the Lord of the Rings: The Rings of Power and then going back to explore the original films, connecting with Middle-earth from a new starting point.

The use of reboots is also sometimes seen as a revenue failsafe, and it is now used as a litmus test to gauge audience interest and potential profitability. This year, Netflix debuted Dead Boy Detectives, whose premise occurs in the same universe as 2022’s The Sandman — an American fantasy drama television series based on the 1989–1996 comic book. Wanting to capitalise on the success of The Sandman, which had a budget of approximately USD 165 million (or around USD 15 million per episode), Dead Boy Detectives aimed to tap into the established fanbase and expanding universe. However, despite a positive critical reception and strong initial viewership, Netflix canceled the show after its first season reportedly due to underwhelming long-term subscriber engagement and audience retention going from 4.7 million views in the first week of its release to just 1.8 million views in the third week. Vocal fans highlighted their discontent over the show’s cancellation on social media which only further played into Netflix’s hands — a win-win scene for free publicity. The show’s cancellation also highlights the high-risk, high-reward nature of today’s television and streaming services.

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Studios are investing heavily in these high-budget productions to align themselves with quality and exclusivity. Reboots and revivals often involve grand sets, cutting-edge CGI, and A-list casts, creating opportunities for luxury brands to feature their products or sponsor exclusive screenings.

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The Bigger (Investment) Picture

The MCU Studios is also notorious for planning strategic releases in accordance to cinematic scheduling as a means to sustain engagement. MCU Studios has been known to strategically time the releases of sequels and prequels to keep fan interest high between blockbuster installments. This steady stream of content fosters sustained fan engagement, enabling a continuous revenue cycle rather than just one-time gains. This goes hand in hand with merchandising and streaming bundling strategies.

First, characters and moments from reboots generate a wide range of merchandise, from limited-edition collectibles to fashion collaborations, allowing studios to drive revenue long after a show or a movie’s release. As for streaming platforms, exclusive rights to popular reboots and spin-offs are a major pull for subscribers. Bringing back fan favorites can attract new users and retain current ones, building long-term subscription revenue. Studios can bundle new releases with original series or movies, allowing for “nostalgia bundles” — a tactic that Amazon Prime and Disney+ are known to do — that keep viewers watching older content along with new releases, increasing overall viewership metrics.

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2024’s Highest-Budget Television Series:

Agatha All Along
Budget: At USD 40 million, Agatha All Along has the lowest budget of any Marvel Cinematic Universe (MCU) series on Disney Plus.

Squid Game
Budget: Netflix’s Squid Game season 2 budget is approximately USD 21.4 million.

The Acolyte
Budget: According to Forbes, Disney has revealed that its controversial Star Wars streaming show The Acolyte came in “over the production budget” with its costs hitting USD 230.1 million when it was only part of the way through post-production.

The Penguin
Budget: The limited series sequel spin-off from the 2022 movie The Batman had a budget of approximately USD 260 million.

Based on the list of the highest-budgeted television series of 2024, it is clear that prequels and reboots continue to command the highest production budgets, underlining the sustained commercial appeal of sci-fi and nostalgia-driven content.

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