Netflix’s 'Twisted Love' deal shows power of BookTok—and streaming giants’ content spending dominance

The news: Netflix has secured a seven-figure deal to adapt Ana Huang's “Twisted Love” series, capitalizing on the books' massive TikTok success where related hashtags have garnered over 2 billion views.

Why it matters: BookTok continues driving significant market impact. The platform has transformed content discovery and consumption:

• 50% of US TikTok users report reading more due to BookTok influence, according to one 2023 study.
• BookTok authors have experienced a 66% sales surge, according to NPD Group.
• Huang's series has sold over 12 million copies globally.

Traditional retailers are adapting to the trend:

• Target and Barnes & Noble now feature dedicated “As Seen on #BookTok” displays.
• Physical bookstores report renewed growth driven by social media discovery.
• ByteDance launched 8th Note Press to capitalize on BookTok momentum.

Market concentration: The deal also reinforces that content spending budgets are highly concentrated among leading media companies, with the top six platforms estimated to have spent $126 billion last year, per Ampere Analytics.

These companies continue to dominate, with their combined spending increasing 9% YoY in 2024. Their share of total content spend likely reached 50.6% last year, up from 47.5% in 2023. Original content represents 45% of their investment, totaling $56 billion since 2022.

Individual company investments reveal shifting dynamics:

Disney leads spending at $35.8 billion, commanding 14.4% of total industry investment. The company's acquisition of all of Hulu added $9 billion to its content budget.

• Netflix moves to fifth position with $16.0 billion (6.4%), overtaking Paramount’s $15.1 billion (6.1%).
• Disney, Comcast (NBCUniversal), Google (YouTube), Warner Bros. Discovery, Netflix, and Paramount now control over half of industry spending.

Our take: Netflix's "Twisted Love" acquisition represents a strategic bet on social media's growing influence in content discovery and adaptation. While BookTok's impact on publishing is clear—driving 60% increased reading activity among users—platforms must navigate TikTok's regulatory uncertainty.

Success will depend on developing platform-agnostic community engagement strategies while capitalizing on the immediate power of BookTok's passionate audience.

The acquisition signals broader shifts in content strategy and marketing. Built-in audiences reduce marketing costs and risk.