The 15 Most Expensive TV Shows in the World [2024 Update]

With more than 1.5 billion people worldwide subscribing to streaming services, demand for top-quality content has never been higher and the cost of the most expensive TV shows reflects this. Companies such as Warner Bros. Discovery, Netflix, Disney, and Amazon are investing billions in blockbuster shows to capture audience attention, pushing production costs to new heights, and vying for the accolade of the most expensive TV show.

For this article, our team at Business2Community has examined the industry’s biggest productions to provide a comprehensive look at the value behind these high-budget shows. Whether you’re a TV enthusiast or simply fascinated by the economics of content creation, our breakdown of the 15 most expensive TV shows offers unique insight into today’s TV industry.

The World’s Most Expensive TV Shows

The TV industry has seen incredible growth worldwide, driven in part by the rise of streaming services. In 2023, the global TV market was valued at over $700 billion, up 77% from 2010, with streaming platforms contributing a significant portion of this growth. As consumer demand for high-quality content and competition in the market increases, major companies are ramping up their investments. Here’s an estimate of some of the key players’ content budgets in 2023:

• Disney+: $30 billion
• Warner Bros. Discovery: $20 billion
• Netflix: $17 billion
• Amazon Prime Video: $10 billion
• Apple TV+: $7 billion

What are they spending all that money on? Read on to find out more about the 15 most expensive TV shows in the world.

1. The Lord of the Rings: The Rings of Power – $58.1 million per episode

Amazon Prime’s The Lord of the Rings: The Rings of Power is the most expensive television series ever made. The first series premiered on Prime Video in September 2022, set thousands of years before the events of The Lord of the Rings.

Costing a staggering $58.1 million per episode, the huge budget was driven by the show’s elaborate costumes and staging, state-of-the-art special effects, and on-location shooting in New Zealand. It also includes licensing fees to the J.R.R. Tolkien estate of $250 million.

The show received mixed reviews from critics and viewers. While many praised the visuals and ambitious scope, others felt the pacing and character development were lacking. Despite this, The Rings of Power attracted a large fanbase, pulling in 25 million viewers in the first 24 hours of season one’s release.

Season two was released in August 2024 and the show has been renewed for a third season. It is anticipated that Amazon could spend more than $1 billion on the series over several seasons. The Rings of Power stars Morfydd Clark as Galadriel, Robert Aramayo as Elrond, and Ismael Cruz Córdova as Arondir.

2. Citadel – $50 million per episode

Citadel is a big-budget spy thriller series, also available on Amazon Prime Video. The show premiered in April 2023. With an estimated budget of over $300 million for its first six-episode season, Citadel ranks among the most expensive TV series ever made.

The massive budget was linked to a series of reshoots, advanced special effects, and global filming locations across Europe and the USA.​

Created by the Russo Brothers who directed Captain America: The Winter Soldier in 2014, Citadel stars Game of Thrones actor Richard Madden, Priyanka Chopra Jonas, and Hollywood stalwart Stanley Tucci. The spy series features two elite agents who must work together to stop a powerful global syndicate from taking over the world, despite their memories having been erased.

Critical reception was mixed, with praise for its action sequences and star performances, but criticism for its storyline and pacing. While it hasn’t released viewing figures, Amazon claimed Citadel was the second most-watched original series it has ever released on a global basis. That said, the show failed to make it into the US-based Neilsen top ten streaming list.

Regardless, Citadel has been renewed for a second season​ and a spin-off set in Italy was released in October 2024 as part of Amazon’s ambitions to turn Citadel into a global franchise.

3. Stranger Things – $30 million per episode

Number three on the list is the Netflix smash-hit Stranger Things, with a reported $30 million episode budget for its fourth season. A sci-fi horror series, the first season premiered in 2016. The fourth season is Netflix’s most-watched English-language TV series of all time, second only overall to Squid Games. Due to the show’s success, amassing more than 1.2 billion viewing hours by July 2022, the TV series was renewed for a fifth and final season which began filming in 2024.

The show’s later seasons, particularly Season 4, had an estimated budget of $30 million per episode. The high costs are due to the show’s mind-blowing special effects, complex action scenes, and a cast of increasingly high-profile actors.

The plot revolves around a group of kids in a small town who uncover a parallel dimension known as the Upside Down while searching for their missing friend. The series has made actors such as Millie Bobby Brown and Finn Wolfhard, who star alongside big names such as Winona Ryder, into household names.

As well as its commercial success, the show received widespread critical acclaim thanks to its compelling characters, inventive storyline, and nostalgic 1980s aesthetic. Back in 2016, the Hollywood Reporter said: “You care what happens to the characters in Stranger Things because they’re written authentically and they’re cast exceptionally, especially when it comes to the kids.”

4. The Acolyte – $22.5 million per episode

The Acolyte premiered on Disney+ in June 2024. With an estimated budget of $22.5 million per episode, eight-episode The Acolyte is the fourth most expensive show ever made. The large budget is driven by extensive staging, impressive visual effects, intricate costume designs, and the show’s connection to the Star Wars franchise.

Developed by Leslye Headland, the show is set about 100 years before The Phantom Menace. The series features Lee Jung-jae of Squid Games fame.

The plot revolves around a former Padawan and her Jedi master investigating dark side forces and uncovering a conspiracy that could threaten the Republic. The first season was met with some controversy and criticism from Star Wars purists, but Disney reported that The Acolyte had 4.8 million views on its first day – making it the platform’s biggest series debut of 2024.

No official renewal has been announced, but The Acolyte follows Disney’s recent focus on investing in its Star Wars and Marvel series to attract new subscribers to its streaming service.

5. The Pacific – $21.7 million per episode

The Pacific is a critically acclaimed 2010 limited series produced by Steven Spielberg and Tom Hanks. With intense battle scenes, elaborate sets, and authentic period details, The Pacific cost in the region of $21.7 million per episode ($217 million for the miniseries). The investment was worth it, however. The Pacific won several Emmy Awards, including Outstanding Miniseries and Outstanding Visual Effects.

The 10-episode show follows the harrowing experiences of US Marines during World War II. It is available for streaming on HBO Max. The story is based on the real-life accounts of three Marines – Robert Leckie, Eugene Sledge, and John Basilone – as they fight through battles in the Pacific Theatre such as Guadalcanal and Iwo Jima.

Of the series, Hanks said that he wanted to shed light on all aspects of American history: “Certainly, we wanted to honor US bravery in the Pacific. But we also wanted to have people say, ‘We didn’t know our troops did that to Japanese people.’”

6. House of the Dragon – $20 million per episode

House of the Dragon is the prequel to the hit fantasy show Game of Thrones. Its first season premiered on HBO in August 2022. Seasons one and two are available for streaming on HBO Max.

Set 200 years before the events of Game of Thrones, the series focuses on the Targaryen civil war, known as the Dance of the Dragons. The cast includes British actors Paddy Considine, Matt Smith, Emma D’Arcy, and Olivia Cooke.

With a budget of $20 million per episode and running across 18 episodes, the show’s budget covers elaborate set designs, complex visual effects, and period-accurate costumes. House of the Dragon has been popular with critics and viewers alike, with praise for its actors’ performances and the elaborate staging.

According to Warner Bros. Discovery, the show’s season one finale brought in 9.3 million viewers on the night it aired across the HBO cable channel and HBO Max streaming service. Due to its success, House of the Dragon has been renewed for a third season which is expected to begin production in 2025.

7. The Mandalorian – $15 million per episode

Season one of The Mandalorian premiered on Disney+ in November 2019. It’s the second series on our list from George Lucas‘ Star Wars universe. Set after the fall of the Empire, it follows Pedro Pascal’s Din Djarin, a bounty hunter on a mission to protect baby Yoda. The show was a huge hit and has run for three seasons with a fourth hotly anticipated.

The flagship Disney+ series reportedly cost $15 million for a single episode. At eight episodes a season, each of The Mandalorian’s three seasons is likely to have had a season budget of around $120 million – the same budget as many blockbuster movies. The production team on The Mandalorian made use of the latest visual effects and a groundbreaking immersive LED soundstage known as The Volume.

The Mandalorian received widespread critical acclaim, praised for its storytelling, impressive visuals, and the way it seamlessly blends the Western and sci-fi genres.

8. Game of Thrones – $15 million per episode

Game of Thrones ran for eight seasons between 2011 and 2019. The cost per episode increased throughout the seasons, leading it to become one of the most expensive shows in history. The original budget was around $6 million per episode, but by the final season, that figure had soared to an episode budget of around $15 million.

Production costs were driven up by a combination of factors, including more and more elaborate CGI, expansive sets, on-location shoots, intricate costumes, and a massive cast.

The series boasted an ensemble cast that included Emilia Clarke, Kit Harington, Peter Dinklage, Lena Headey, and Nikolaj Coster-Waldau. As time went on, the lead actors were also able to demand more money. By the final seasons, some of the main actors were reportedly earning over $1 million per episode.

The show’s seventh season often drew in more than 10 million viewers on HBO. The show was nominated for two Golden Globes in 2017 and ranks second in terms of Emmy wins, second only to Saturday Night Live.

While Game of Thrones was hugely popular, the last season faced significant backlash from fans and critics alike for its rushed storyline and controversial ending. Nothing summed up fans’ feelings that the last season had been rushed than the accidental inclusion of a modern-day coffee cup in a scene.

9. See – $15 million per episode

The first Apple TV+ show on our list is the drama series See, which ran three seasons between 2019 and 2022. See, starring Jason Momoa, is set in a brutal, dystopian world where humans have lost their sense of sight.

The estimated production budget for See ranges from $15 million to $17 million per episode, making it one of the most expensive TV shows produced by Apple TV+. It’s not difficult to see where the money went, however. See has an impressive cinematic feel, including large-scale battle sequences and intricate sets that bring to life the show’s post-apocalyptic world.

The producers also reportedly hired consultants and experts from the blind and visually impaired community to help them understand how blind individuals navigate the world, perform daily tasks, and use other senses to compensate for the lack of sight.

See received a mixed reception. While the show had a unique premise and stellar performances from Jason Momoa, it was called out for being a little slow-paced and occasionally featuring inconsistent storytelling. Despite these criticisms, See and its star power helped establish Apple TV+ as a contender in the streaming world.

10. The Sandman – $15 million per episode

The Sandman is an 11-episode Netflix fantasy series based on Neil Gaiman’s acclaimed comic book of the same name. The production budget for The Sandman was significant. Estimates range from $15 million to $20 million per episode, making the total cost of the first season at least $150 million.

Neil Gaiman’s world, which blends mythology, fantasy, and surreal dreamscapes, required extensive CGI and intricate set designs to do justice to the source material. The most expensive episode of The Sandman is thought to be the series finale, Lost Hearts.

Tom Sturridge stars as Morpheus, or Dream, as he embarks on a quest to restore his realm after being imprisoned for over a century. The show also stars Gwendoline Christie as Lucifer, Boyd Holbrook as Corinthian, and Kirby Howell-Baptiste as Death.

Neil Gaiman was heavily involved in adapting the comic books for TV, with Tom Sturridge telling Rolling Stone Magazine: “People sometimes say, ‘Isn’t it amazing that Neil [Gaiman] gave you his blessing?’ He didn’t give his blessing — he was there every single day, whether in person or remotely, as a mentor and a guide.”

In its first full week of release in August 2022, season one of The Sandman racked up 127.5 million viewing hours, taking it straight to the top of Netflix’s top ten. Filming for a second season began in June 2023.

11. The Morning Show – $15 million per episode

The Morning Show is an Apple TV+ drama that explores the cutthroat world of morning television, tackling themes such as workplace politics, power dynamics, and the #MeToo movement. The show stars Jennifer Aniston, Reese Witherspoon, and Steve Carell and follows the fallout from a sexual misconduct scandal on a popular morning news show.

The show’s gigantic budget of $15 million per episode (around $150 million for the first season) made it one of the most expensive TV shows at the time of its release in 2019. The cast is a huge factor in the show’s costs, with Jennifer Aniston and Reese Witherspoon each earning $2 million per episode, as well as lavish sets, on-location shoots, and top-tier talent behind the scenes. The show ran for four seasons.

The performances of both women have been widely praised and the show’s timely exploration of sexual misconduct in the workplace was widely applauded. However, it has also been said that the narrative is weak and lacks focus. Despite this, the series has been a flagship show for Apple TV+ and gained momentum in later seasons.

12. Watchmen – $15 million per episode

The 2019 HBO miniseries Watchmen was based on the graphic novel by Alan Moore and Dave Gibbons. It reimagined the original source material, focusing on racial tensions in America, particularly the 1921 Tulsa Race Massacre and its implications for modern-day society.

Each episode of Watchmen had an estimated budget of $15 million making the season’s total approximately $108 million. The show’s big budget covered complex special effects and a star-studded cast, alongside the need to craft both period pieces and futuristic settings.

Elaborate CGI was also brought in for sequences involving the otherworldly Dr. Manhattan (pictured) and other elements of the Watchmen universe.

The show was developed by producer Damon Lindelof whose back catalogue includes the hit show Lost and a 2009 Star Trek feature film. Watchmen starred Regina King, Don Johnson, Jeremy Irons, and Yahya Abdul-Mateen II.

Watchmen won 11 Emmy Awards, including Outstanding Limited Series and acting awards for Regina King and Yahya Abdul-Mateen II. The adaptation has been lauded as a creative success, despite facing some skepticism from fans of the original comic. Many critics praised the risks Damon Lindelof took with the adaptation, for example turning the character of Rorschach into a symbol of white supremacy.

13. The Crown – $13 million per episode

The Crown is a critically acclaimed Netflix series that chronicles the reign of Queen Elizabeth II. Created by Peter Morgan, the show explores historical events, personal drama, and royal politics. It stars Claire Foy, Olivia Colman, and Imelda Staunton in the role of the Queen as the series progresses through different eras. Other cast members include Matt Smith, Tobias Menzies, Helena Bonham Carter, and Josh O’Connor as Prince Charles.

The budget for The Crown was staggering, with the first two seasons costing approximately $130 million, making it one of the most expensive television shows ever made. By season four, episodes reportedly cost around $13 million each. The high costs were driven by detailed period settings, the lavish costumes worn, and shooting on location at historical sites across the UK.

The show has won multiple awards, including Emmys and Golden Globes. Claire Foy and Olivia Colman both won Best Actress at the Golden Globes for their portrayals of Queen Elizabeth. Actors such as Josh O’Connor and Emma Corrin got their big break on The Crown, gaining recognition for their roles as Prince Charles and Princess

Diana. There have been controversies, however, including debates over historical accuracy and the revelation that Claire Foy was paid less than Matt Smith.

14. Band of Brothers – $12.5 million per episode

Band of Brothers is an HBO miniseries based on the true story of Easy Company, a unit of paratroopers in World War II. As with The Pacific, Band of Brothers was created by Spielberg and Hanks. The 2001 show starred big names such as Damian Lewis, Ron Livingston, and David Schwimmer, and launched the careers of several actors, including Michael Fassbender, James McAvoy, and Tom Hardy.

The series was considered to be extremely expensive at the time, with a total budget of about $125 million for 10 episodes – roughly $12.5 million per episode. Despite it being the oldest show on the list, it has kept its place as one of the most expensive shows ever made.

Its high cost was attributed to large-scale battle sequences, detailed period sets, and extensive use of special effects, as well as the need to recreate 1940s Europe.

Band of Brothers was well-received by critics and praised for its authenticity, storytelling, and character development as well as its depiction of camaraderie and the horrors of war. It won several awards, including a Golden Globe for Best Miniseries and seven Emmy Awards.

15. The Last of Us – $10 million per episode

The Last of Us is HBO’s live-action adaptation of the popular video game series of the same name. Set in a post-apocalyptic world ravaged by a fungal infection that turns humans into vicious zombies, the show charts the journey of Pedro Pascal as smuggler Joel and Bella Ramsey as teenager Ellie.

The show’s budget reportedly reached $10 million per episode, meaning season one of The Last of Us totaled around $100 million. Much of this went on recreating the desolate post-apocalyptic world, visual effects for the gruesome infected creatures, and on-location shoots across Canada.

Directed by Emmy and Golden Globe-winning writer Craig Mazin, the show received rave reviews for its faithful adaptation of the video game, emotional depth, and star-studded performances.

“HBO’s The Last of Us is an absolute triumph, offering one of gaming’s most intense and engaging narratives to TV viewers and revealing exciting new aspects of the universe to those who’ve played the games. It’s beautifully written and the casting is flawless, with Pascal, Ramsey, and their co-stars adding layers of emotional depth and unsettling moral grayness to every moment.” Sean Keane, CNET

The Success of the Most Expensive TV Shows in the World

While massive spending on TV shows can help ensure high production values and attract star talent, it doesn’t guarantee success. Successful series often rely on more than just money and impressive special effects, including strong storytelling, compelling characters, and a unique vision.

Shows such as The Last of Us stand out due to their emotional depth and narrative engagement, while Stranger Things’ unique premise and mix of nostalgia and sci-fi has engaged audiences across the globe.

For streaming services, the market is becoming increasingly saturated, and subscriber churn, where customers cancel services after watching specific shows, presents a significant challenge. These hurdles are forcing platforms to innovate and rethink their spending strategies to remain competitive – it may no longer be enough to throw big money at TV shows to keep subscribers for the long term.

However, for the time being, the trend of large spending looks set to continue, as platforms such as Apple and Amazon invest billions to compete with their equally deep-pocketed rivals.

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