How Much Severance Costs Per Episode

The streaming wars were bitter and expensive, and encouraged a certain kind of extravagance that won't be seen again for quite some time. As various studios and networks launched their own streaming platforms, in a bid to mimic Netflix's mammoth success and survive the decline of broadcast TV, they overspent like crazy on high-profile prestige shows and ultra-budgeted movies. 

Some of these projects were so expensive that many viewers began to realize something was amiss. Could subscriber numbers really be high enough to offset the cost of a $320 million feature film or a $465 million fantasy series? As it would turn out, no. The idea behind the overspending was that an expensive, high-profile release would look really, really good at a shareholder meeting, and their release would drive up a company's stock price. It didn't matter if a film or TV series was good or even that people watched it. It only mattered that it got made and it inflated stock value. 

When the pattern finally broke and streamers began paring back budgets, TV fans had to face something of a reckoning, however. Hollywood's recent bad habit was finally being addressed ... but some of the more expensive prestige programs were actually good. A lot of great shows have been canceled in the last few years, and spending has been curtailed on others. 

Luckily, the hit series "Severance" is probably safe. It costs a boatload of money to make, but it has the benefit of being owned by Apple, a company that can always fall back on its tech verticals. According to Bloomberg, though, the show cost over $20 million per episode in its second season.

As fans of "Severance" know, there was a huge delay between its first and second seasons thanks partly to a prolonged shooting schedule, but mostly because of the 2023 Hollywood strikes. The first season debuted on Apple TV+ back in February of 2022, and the second season began shooting the following October through May of 2023. Then the strikes struck and shooting was delayed several times, leading to the second season finally wrapping up in April of 2024. These delays certainly didn't help the show's already-large budget. 

Bloomberg reported that the second season of "Severance" cost a whopping $200 million to make, or $20 million for each of its 10 episodes. This price means it's one of the most expensive TV shows of all time. "Lord of the Rings: The Rings of Power" is still the grand champion, of course, costing about $58 million per episode(!), with "Stranger Things" a ways behind at $30 million per episode for its fourth season. Disney also notoriously spends big on its "Star Wars" and Marvel shows, with "She-Hulk: Attorney at Law" and its first two seasons of "Loki" costing an average of $24.5 million per season each. The first season of "Andor" cost $20.8 million. 

Of course, the cost may have been worth it for Apple TV+. As mentioned, Apple can afford to lose revenue on its streaming service, as it has a lucrative tech empire to fall back on. Also, "Severance" has proven to be the most-watched TV series on Apple TV+, inspiring a surge of re-subscriptions. It outstripped "Ted Lasso," a phenom unto itself. Early buzz says "Severance" is a solid Emmy contender (fingers crossed for lead actor Adam Scott), and its conceits — having your memories of your work life and your home live "severed" from one another — have become part of the pop gestalt. 

It costs a lot, but season 3 is still coming.