The rise of streaming platforms such as Netflix and Disney+ is pushing the budgets for new TV series into the stratosphere.
From the juggernaut hit Game of Thrones to The Lord of the Rings: The Rings of Power, we've ranked the priciest small-screen spectaculars on a cost-per-episode basis. And some of the entries may just surprise you...
Read on to discover the 25 most expensive TV shows of all time.
All dollar amounts in US dollars. Figures for shows made before 2023 have been adjusted for inflation to give you an idea of their budgets in today's money.
Netflix smash-hit The Crown chronicles the lives of the modern British royal family.
The fifth season of the show, released in 2022, was the most expensive, clocking in at $143 million to produce. That's a suitably lavish $14.3 million per episode, or $15.5 million (£12m) today.
The attention to detail behind the award-winning show's sets and costumes is a huge factor contributing to the high costs.
Based on the comic books by Neil Gaiman, dark fantasy series The Sandman dropped on Netflix in 2022.
The long-awaited small-screen adaptation reportedly cost $15 million per episode to produce, or around $16.3 million (£12.6m) today.
The large cast, which included Tom Sturridge, Jenna Coleman, and Gwendoline Christie, drove up costs. Extensive CGI was also a factor in the massive budget.
By the time the final season of beloved sitcom Friends aired in 2004, it cost a staggering $10 million per episode to produce. That’s a not-so-wallet-friendly $16.5 million (£12.8m) in today’s money.
The cost wasn’t down to set design, locations, or impressive CGI, but the hefty salaries of the cast. By season 10, stars Jennifer Aniston, Courteney Cox, Matt LeBlanc, Lisa Kudrow, Matthew Perry, and David Schwimmer all took home a cool $1 million per episode.
One Piece, based on the popular manga series by Eiichiro Oda, dropped on Netflix in September 2023.
Each episode of the pirate adventure saga reportedly cost an incredible $17.3 million (£13.4m) to produce.
CGI and action-packed fight sequences are likely a significant factor in the sizable budget.
American drama series The Morning Show is Apple TV’s flagship series.
The second season was released in 2021 and reportedly cost $15 million per episode to produce, or $17.5 million (£13.6m) per episode today.
Jennifer Aniston and Reese Witherspoon star in the show and are thought to take home more than $2 million (£1.6m) each per episode.
HBO fantasy epic Game of Thrones boasted a $6 million per episode budget when it first began.
As its popularity skyrocketed, so did its costs. The final season, which aired in 2019, cost an incredible $15 million per episode, or $18.2 million (£14.1m) in today's money.
Showrunners spent a fortune on set design, CGI, and epic battle scenes, while the cast also enjoyed juicy paycheques.
Apple TV reportedly spent a jaw-dropping $15 million per episode on sci-fi series See. That’s $18.2 million (£14.1m) per episode in today’s money.
The show first aired in 2019, with the third and final season dropping in 2022.
Expensive special effects bumped up the show's production budget, while the salary of Jason Momoa, of Aquaman and Game of Thrones fame, was another significant cost.
Amazon Prime Video dropped its Fallout TV show in April 2024.
Based on the popular video game series, the show boasted a production budget of $153 million (£122m), which is an explosive $19.1 million (£14.8m) per episode. CGI and recreating the post-apocalyptic 1950s Americana setting from the video games on-screen significantly contributed to the cost.
However, the hefty investment proved fruitful for Amazon, and Fallout has already become the second-most watched TV show on the platform, behind only The Lord of the Rings: The Rings of Power.
Netflix's mind-bending sci-fi series 3 Body Problem dropped in March 2024 and is based on the award-winning book series by Liu Cixin.
The show reportedly cost a huge $20 million (£15.5m) per episode to produce, making it the most expensive first season for a Netflix show ever.
Despite the mammoth budget – and the fact the show is created by David Benioff and D. B. Weiss, famed for helming Game of Thrones, along with Alexander Woo – 3 Body Problem has received mixed critical reception. After some initial confusion surrounding the show's future, Netflix renewed 3 Body Problem for two further seasons. The showrunners have said they have ambitious plans so expect the budget to soar.
The Continental, a spin-off series of the John Wick film franchise, premiered on the streaming platform Peacock in 2023.
The miniseries consists of three episodes, each with a budget exceeding $20 million (£15.5m). The show's substantial budget easily surpasses the costs of the first two John Wick movies.
Set in the 1970s, The Continental is a prequel to the action-packed film franchise and stars Hollywood icon Mel Gibson.
Academy Award-winning director Baz Luhrmann of Moulin Rouge! and Elvis fame is no stranger to a big-budget bonanza. His 1970s-set musical drama The Get Down, in collaboration with Netflix, had an initial projected budget of $11 million per episode. This cost included visual effects, set design, and music rights.
However, Deadline reported that the cost per episode soared to a staggering $16 million because of filming shutdowns, staff changes, and rewrites. That’s around $20.6 million (£16m) in today’s money.
The cost proved too mammoth for Netflix and the show was axed after just one season.
HBO’s ambitious Western sci-fi mash-up Westworld had some serious star power behind it. The series was co-produced by JJ Abrams, and its star-studded cast included Ed Harris, Anthony Hopkins, Evan Rachel Wood, and James Marsden.
The show's fourth season, which aired in 2022, reportedly cost $160 million to create. That works out at a whopping $20 million per episode, or $21.7 million (£16.8m) today.
While praised for its mind-bending CGI, the staggering production costs were ultimately the show's downfall. Plans for a fifth and final season were recently axed, much to the shock of fans.
HBO’s long-awaited Game of Thrones spin-off House of the Dragon finally premiered in August 2022.
The 10-episode first season’s budget clocked in at just under $20 million per episode. Adjusted for inflation, that's a chunky $21.7 million (£16.8m).
The series focuses on House Targaryen, a royal family infamous for its ferocious pet dragons. The CGI of these mythical creatures undoubtedly drove up production costs. However, a production insider at HBO revealed that the network’s experience in creating other epic fantasy shows like His Dark Materials and Westworld helped keep the budget from skyrocketing as high as rival shows such as The Lord of the Rings: The Rings of Power.
The World War II miniseries Band of Brothers was created by Steven Spielberg and Tom Hanks and had a blockbuster budget of $125 million, or $12.5 million per episode. That’s an incredible $21.8 million (£16.9m) per episode in today’s money.
The war epic, which aired in 2001, featured a stellar cast, including Damian Lewis, Tom Hardy, and David Schwimmer. Set design and European filming locations also pushed the budget up.
The investment paid off, though, and the show scooped a string of Golden Globe and Emmy awards. It also spawned two spin-off series, but more on those soon...
Recent Disney+ Star Wars series, The Acolyte, premiered in June with an impressive budget of $180 million (£140m), averaging $22.5 million (£17.5m) per episode. This makes it the most expensive Star Wars show to date in terms of per-episode spending.
Despite its huge budget, the series premiered to negative reviews, resulting in its cancellation after only one season.
Prior to The Acolyte, the typical budget for a Star Wars series on Disney+ was around $15 million (£11.6m) per episode. However, several episodes of the rebel spy series Andor saw production costs reach up to $25 million (£19.4m).
Medical drama ER was one of the longest-running TV shows ever, airing for an impressive 15 seasons between 1994 and 2009.
ER made its lead star George Clooney a household name, and as Clooney’s popularity skyrocketed, so did the show’s budget.
At its peak, ER cost $13 million per episode to create, a pulse-racing $25 million (£19.4m) in today's money.
The historic epic series Shogun, based on the bestselling James Clavell novel of the same name, premiered on Disney+ this February.
This big-budget bonanza cost a whopping $250 million (£194m) to create, translating to a colossal $25 million (£19.4m) per episode.
A large ensemble cast, stunning visual effects, and meticulous set design that recreated the 1600s Japanese setting in all its glory contributed to the hefty cost.
Since its launch in 2019, Disney+ has been busy developing Marvel television shows to entice subscribers – and no expense is spared.
Shows like The Falcon and the Winter Soldier (pictured), Loki, and WandaVision are all said to cost a remarkable $25 million (£19.4m) per episode.
With such mammoth budgets, the shows are on par with what the studio spends on its superhero movies.
The highly anticipated Band of Brothers spin-off series Masters of the Air dropped on Apple TV+ this year.
Like its predecessor, the show boasted a massive budget, in this instance $250 million (£194m), or $27.8 million (£21.6m) per episode.
Produced by Tom Hanks and Steven Spielberg, the gripping WWII drama follows bomber crews on dangerous missions to destroy targets inside Nazi-occupied Europe. Its impressive cast includes Austin Butler, best known for his Oscar-nominated role in Elvis, and Barry Keoghan of Saltburn fame.
Before Masters of the Air hit screens, another Band of Brothers spin-off, The Pacific, aired in 2010.
Naturally, recreating World War II in all its gritty and gruesome detail doesn’t come cheap. The miniseries cost a total of $200 million or a mammoth $20 million per episode.
That’s an incredible $28.4 million (£22m) in today's money.
The supernatural smash hit Stranger Things was the most-watched show of 2022, with over 52 billion minutes of the series devoured by viewers.
When it first aired in 2016, it boasted a $6 million per episode budget, reportedly doubling for seasons two and three.
The fourth volume hit Netflix in May 2022, and the nine-episode season reportedly cost $270 million to produce, around $30 million per episode. Adjusted for inflation, that's an eye-watering $32.6 million (£25.3m).
Disney+ show Secret Invasion cost a stunning $212 million (£164m) to produce. The first season, which aired in June 2023, featured six episodes, meaning each cost a jaw-dropping $35.3 million (£27.4m).
Unlike other Marvel shows, the spy series features little CGI, though the salaries of stars including Samuel L. Jackson, Emilia Clarke, and Olivia Colman likely contributed to the hefty costs.
Despite its stellar cast and mammoth budget, the show was widely considered a flop, and a second season looks unlikely.
Popular Western drama Yellowstone got a spin-off in the form of 1923, released in December 2022.
Each episode of the Western reportedly cost up to $35 million, or $38.1 million (£29.6m) in today's money.
Filming in multiple countries such as South Africa, Kenya, Tanzania, and Malta during the pandemic no doubt contributed to the eye-watering cost. Meanwhile, leading stars Harrison Ford and Helen Mirren each took home $1 million (£776k) per episode for their work on the show.
Amazon splashed out an incredible $300 million (£233m) on its action-packed sci-fi spy thriller Citadel.
The first season of the show aired in 2023 and featured six episodes, each costing an eye-watering $50 million (£38.8m). A second season is already in the works.
Pulse-racing action sequences are thought to be a major factor in the staggering cost, while the series also boasts the star power of Richard Madden and Priyanka Chopra Jonas.
Taking the top spot by a long shot is Amazon Prime’s The Lord of the Rings: The Rings of Power, released in September 2022.
The first season reportedly cost an astonishing $465 million, which doesn’t even factor in the $250 million Amazon paid to secure the rights to J R R Tolkien’s fantasy epic.
Season one featured eight episodes, meaning each had an eye-watering $58.1 million budget, or around $63.2 million (£49m) today. The second season premiered this August, and while its cost per episode is unclear at the time of writing, it seems certain it will retain the top spot for some time to come.
Now discover the most expensive movie flops and why they bombed at the box office