New Mexico's film and television industry, once a major beneficiary of the Peak TV and Streaming Wars boom, has seen production spending fall sharply since the 2023 actors' and writers' strikes prompted studios worldwide to scale back big-budget scripted projects. The state, home to hits like Breaking Bad, Better Call Saul and Stranger Things, is now adapting to this "new normal" by diversifying into commercials, post-production work and microdramas rather than relying solely on major scripted series.

New Mexico's peak years were 2019 and 2022, either side of the pandemic, driven by strong incentives and infrastructure built up after Netflix chose Albuquerque as a major hub in 2018. Steve Graham, head of the New Mexico Film Office for the past two years, told The Hollywood Reporter that studios have been actively scouting projects for autumn and spring, describing himself as "very encouraged" despite the downturn. Recent productions in the state include Apple TV's Pluribus, AMC's five-season run of Dark Winds, Christopher Nolan's Oppenheimer, and Netflix's Ransom Canyon.