Nostalgia is a powerful force and the entertainment industry knows this well. While largely reserved for movies, now streaming platforms are tapping in to this lucrative well. Some of the most popular content on streaming platforms are the shows that came out almost two decades ago.
In this article, we’re going to explore how companies like Netflix and HBO Max are using nostalgia to grab your attention and what this means for the future of streaming.
Streaming Platforms Use Old Shows to Keep Viewers Entertained
For years, streaming platforms have been paying top dollar for shows that millennials grew up on. In 2019, companies like Netflix and HBO Max spent hundreds of millions of dollars on old shows like Friends and The Office.
In their heyday, these shows brought millions of viewers and cable subscribers to networks when they were released every week.
Now that the syndication has changed to streaming platforms, not much has changed. These types of nostalgic shows still constantly outperform newer material that streaming platforms invest tons of resources on.
Nielson reported The Office as being Netflix’s most widely streamed show in 2020, even beating original shows. Since Netflix is the largest, and one of the best, streaming platforms in the world, noticing what works is key to understanding what can work for other platforms.
It’s clear that streaming platforms have realized that they can tap nostalgia to gain more views and subscribers; especially with new players in the market like Disney+ and Peacock.
In order to fill the gaps between original content, these services can serve old material that they know already performs well. By paying top dollar for shows that are guaranteed to move the needle, Netflix and others are able to bring in consistent revenue to pay for the cost of producing original shows.
Streaming platforms are constantly investing in original content they hope produces more sustainable revenue, like with Ozark or Stranger Things. They need shows with a built-in audience, that people already love, in order to sustain their audience.
The only problem is that when the syndication for a show runs out and another major streaming platform gets the rights, the viewers move with it.
Resurrecting Old Shows For a New Audience
In order to produce shows that not only bring nostalgia, but also bring sustainable viewership, streaming platforms have started to invest in remaking old shows that originally caught our attention.
Shows like Full House and Arrested Development have enjoyed revivals with original cast members in a new series; modern twists on older shows with the hope of capturing the success of the original.
Other shows, like the Karate Kid-inspired Cobra Kai, are banking on the nostalgia of its source material, while still providing a future for streaming platforms. Instead of just bringing back the original Karate Kid movie, Netflix decided to use its resources to produce an entirely new show based on the content of the original.
This allows the platforms to continue to gain new viewers, have complete ownership over the material, and be able to produce more episodes to gain more eyes.
As the grab for old shows continues among streaming platforms, how new content is being produced will determine which platforms builds a more sustainable revenue source.
The Rise of Reunions
A new (or old) face has been showing itself as an important slice in the nostalgia pie: reunion shows.
Reunion shows like Fresh Prince of Bel-Air Reunion and Friends: The Reunion is the latest attempt by streaming platforms to invest in original content while still counting on the appeal of nostalgia.
When Friends: The Reunion aired, it reached an estimated 29% of streaming households on its first day of release. Compare that to Wonder Woman 1984, which reached 32% of households and was released on Christmas Day, and you can begin to understand the power of nostalgia in modern entertainment.
The Friends reunion even outdid Mortal Kombat, which only reached 16% of homes and was a theatrical same-day release.
Streaming platforms have gained a huge amount of popularity and viewers during the pandemic. Public places were closed and home entertainment was the only option most people had. These closures caused major movie companies to stop releasing their movies in theatres and start releasing these movies straight to streaming platforms.
Even with the same-day release, reunion shows are still beating out new movies on streaming platforms. In the case of the Friends reunion, it was supposed to accompany the launch of HBO Max, but because of the pandemic was pushed to a 2021 release. Nevertheless, that didn’t hamper its popularity.
The huge success of the Friends reunion have shown streaming networks that they can invest in nostalgic programming and reach just as big of levels as a new movie or series could.
The Future of TV and Nostalgia
It’s clear that nostalgia can bring huge numbers for streaming platforms, and the plan for how to capitalize on that formula continues to evolve.
Instead of bringing back old shows to rewatch, streaming platforms have invested into original content based on these old shows. Reunion shows or reviving old shows and creating a new series are both ways streaming platforms use nostalgia for revenue gains.
The problem with these types of shows is the risk of changing their legacy. Bringing back the same actors after many years can bring a new perspective on the characters or the show altogether. A reunion is a great way to catch up on old times, but if it tarnishes the legacy of the previous work, streaming platforms run a risk of the show becoming less popular as it was before the reunion.
The latest Friend’s reunion brought in big name celebrities and invested in the spectacle of a reunion, rather than the heart-driven storyline of the Fresh Prince reunion; it changed the focus of the reunion from the actors themselves and unknown stories to becoming an entertainment event.
How platforms decide to position nostalgia in the future has yet to be seen, but what we do know is that streaming platforms won’t stop producing shows based on nostalgia anytime soon.
Nostalgia Is Here to Stay for Streaming
Streaming companies have been battling for nostalgic programming for years and paying ample amounts for it. More than just bringing back your favorite shows of the past, these companies have also been creating original content. Old shows are getting a second life and reunion shows are showing old characters in a new light.
Now that more streaming platforms are competing, it’s important to understand what each offers and if the content is the right fit for you.