Hollywood’s appetite for big spending has metastasized from film to television, and it’s a foreboding swagger.

Despite recent labor settlements, the entertainment world faces a new challenge: streaming platforms pouring billions into shows with mixed critical and audience reception.

Here’s a snapshot of the most expensive productions:

• The Lord of the Rings: The Rings of Power: $465 million for the first season.
• Citadel: $300 million for Amazon’s spy series.
• Stranger Things: $270 million for season four.
• The Acolyte: Disney invested $180 million in this Star Wars spin-off.
• Halo: $90 million for the video game adaptation.
• Game of Thrones: $90 million for its final season.
• The Mandalorian: $100 million for the first season.
• WandaVision: Marvel spent $225 million on this series.

These TV budgets dwarf the $65-80 million average for feature films. Even tentpole blockbusters rarely see the kind of spending that’s become standard in television.

What’s driving these costs? High-end visual effects and star-studded casts are overshadowing the nuanced storytelling and character development that defined TV’s recent golden age.

These financial behemoths aren’t exactly lighting up the internet: Citadel scores just 53% with fans on RottenTomatoes; Acolyte stands at just 13%.

The challenge now is to find a balance between ambition and fiscal responsibility.

Here are some shows that managed the balance:

• Succession (HBO): This critically acclaimed drama proves that sharp writing and stellar performances can create a cultural phenomenon without relying on special effects.
• The Bear (FX/Hulu): This breakout hit showcases how a focused, character-driven story can captivate audiences and critics alike.
• Abbott Elementary (ABC): This mockumentary-style sitcom has garnered both popular and critical success, demonstrating the enduring appeal of well-crafted comedy.
• The White Lotus (HBO): Despite its luxurious settings, this anthology series racks up awards without breaking the bank.
• Baby Reindeer (Netflix): This intense, autobiographical limited series showcased how a deeply personal story, told with raw authenticity, can create impact.

Each of these shows was produced at a fraction of the cost of their big-budget counterparts, yet they’ve achieved critical acclaim, audience engagement, and cultural relevance.

Hollywood has chosen spectacle over story in its pursuit of movie riches. Here’s hoping it resists the same rabbit hole on the small screen.