Citadel tops the list at $50 million per episode. The streaming wars have driven TV budgets to unprecedented heights, with some shows costing more per episode than entire feature films.
The Data
The streaming wars have fundamentally transformed television production. What was once a medium known for tight budgets has evolved into a battleground where platforms spend more per episode than many feature films cost to produce.
| Rank | Show | Platform | Cost/Episode | Episodes |
|---|---|---|---|---|
| 1 | Citadel | Amazon Prime | $50.0M | 6 |
| 2 | The Rings of Power | Amazon Prime | $47.8M | 16 |
| 3 | Secret Invasion | Disney+ | $35.3M | 6 |
| 4 | Andor | Disney+ | $29.1M | 24 |
| 5 | The Acolyte | Disney+ | $28.8M | 8 |
| 6 | Masters of the Air | Apple TV+ | $27.8M | 9 |
| 7 | WandaVision | Disney+ | $25.0M | 9 |
| 8 | Stranger Things | Netflix | $22.1M | 42 |
| 9 | The Pacific | HBO | $21.7M | 10 |
| 10 | House of the Dragon | HBO | $20.6M | 20 |
Analysis
Amazon leads the spending race. With both Citadel and The Rings of Power in the top two spots, Amazon Prime Video has committed to a strategy of marquee content that rivals theatrical blockbusters. The Rings of Power alone represents a total investment of nearly $1 billion when factoring in the $250 million Amazon paid for the rights.
Disney's franchise power is expensive. Four of the top ten shows come from Disney+, all built on existing Marvel or Star Wars IP. Secret Invasion, Andor, The Acolyte, and WandaVision demonstrate Disney's commitment to bringing feature-film quality to streaming.
Longevity matters. Stranger Things stands out at $22.1M per episode across 42 episodes—a sustained investment that has made it one of Netflix's most valuable properties with consistent viewership across five seasons.
What This Means
The era of unlimited streaming budgets appears to be shifting. After years of spending lavishly to attract subscribers, platforms are now focused on profitability. However, audiences have grown accustomed to production values that match theatrical films. The challenge now is delivering quality while making financial sense—a balance that will define the next era of premium television.
Methodology
Budget figures represent reported per-episode costs from trade publications including Variety, Hollywood Reporter, and Forbes. All figures are in USD and represent the most recent reported budgets. Some shows span multiple seasons with varying budgets; the highest reported per-episode cost is used.
