BBC Studios marks a year of record revenues and creative success
• Strategic investments paying off; growth from previous year investments includes 20% increase in BritBox International revenues in first full year of ownership
• Retains position as the UK's most awarded studio, with seven Emmy awards, an Oscar for Conclave, and more than 150 awards won in the year
• Global hit Bluey boosts consumer products revenues
BBC Commercial, a global media company which is part of the BBC Group, today released its annual results as part of the BBC's Annual Report and Accounts, marking a year where the company delivered record revenue and industry-awarded creative success.
The company, which makes and distributes some of the world's most sought-after content as well as creating and nurturing iconic brands, achieved record revenues of £2.2bn (2023/24: £1.9bn) and EBITDA of £228m (2023/24: £199m) in a challenging market, driven by a diversified portfolio; strong performance for BritBox International; and its consumer products division, especially global hit Bluey.
BBC Studios, the main commercial arm of the BBC Commercial group, recorded its fourth consecutive year of profit in excess of £200m, expressed as EBITDA, of £225m (2023/24: £202m), an increase of 11% year on year, despite organic investment in media & streaming, including BBC.com and UKTV, which both saw audience growth. The profits generated by BBC Studios go back to the BBC to support its mission in the UK.
Tom Fussell, CEO of BBC Commercial said: 'BBC Commercial has delivered a strong set of results, which show that our strategy is working and the investments made in previous years, together with a diversified portfolio, are delivering a trajectory of sustainable growth, despite ongoing global macroeconomic and geopolitical uncertainty. Together with the continuing recognition for the craft and creativity of our content studio and the demand for our content around the world, BBC Commercial is well placed to support a robust creative and entertainment industry and cement its role as a global ambassador for the best of UK content.'
Over the last few years, the company has made a series of strategic investments in its routes to market, including taking full ownership of global streamer BritBox International and enhancements to digital services for UKTV.
Investment in digital platforms was key in delivering a 43% growth in revenues for the media and streaming division. BritBox International's revenues were up 20% year-on-year, with popular UK titles such as Ludwig and Blue Lights drawing in North American audiences.
BBC Studios' multi-channel network, UKTV, also recorded a strong performance. Its direct-to-consumer service U grew views by a third in 2024, whilst UKTV saw total viewer hours to its VOD content across its free and pay platforms grow by 56 million hours year-on-year. Drama content performed particularly well with The Marlow Murder Club becoming the network's highest rating show of 2024, watched by 2.6 million viewers.
The new BBC.com and BBC app have established themselves as the key digital platforms for international audiences who want trusted, impartial BBC news. BBC.com saw a 15% uplift in global visitors over the year whilst registrations have grown by 78% year-on-year, demonstrating the international reputation of the BBC brand.
BBC Studios' world-class creativity continued to power its success with the business winning over 150 awards. Content highlights from the most-awarded UK production company included feature film Conclave, made by wholly owned House Productions, which won four BAFTAs and an Academy Award, wholly owned Clerkenwell Films' Baby Reindeer which won six Emmys, a 20th anniversary for Strictly Come Dancing in the UK as the popularity of the international brand, Dancing with the Stars, continues.
Factual title The Americas, narrated by Tom Hanks and made for NBC, became the most-watched nature documentary on US linear television for more than fifteen years, whilst in the UK, BBC Studios helped mark the 80th anniversary of D-Day with a raft of memorable programming, including the RTS Programme Award-winning D-Day 80: Tribute to the Fallen. The business has expanded and consolidated its international production portfolio, now making programmes in ten territories worldwide.
The performance of BBC Studios' brands and licensing business was led by global hit Bluey, as the children's title was named the most-streamed programme in the US in 2024, the Bluey's World immersive experience opened in Brisbane, Australia, and a much-anticipated feature film was announced in partnership with Disney+, set to arrive in cinemas in 2027.
These results mean that BBC Commercial remains on track to meet its five-year returns commitment of £1.5bn by 2026/27 (a 30% increase on the previous five-year period), having already delivered £1,028m during the first three years.
Pay Gap Report
BBC Studios also today publishes its Pay Gap Report, showing improvements in eight of the 10 pay gaps (both median and mean) on its 2024 performance. The report also shows that over 96% of the business' female employees are in a career band with a median pay gap of less than 5%, and that 21% are in a career band with a median pay gap in favour of women.
The company's median gender pay gap for 2024/25 was 10.7% (2023/24: 11.5%) and a mean gender pay gap of 11.3% (2023/24: 13.4%).
BBC Studios continues to be amongst the most transparent media companies when it comes to voluntary reporting on protected characteristics, and the business intends to continue to expand its approach to transparency in future years.
BBC Studios CEO Tom Fussell said: 'The data in today's Pay Gap Report is encouraging, although we continue to strive to improve representation across all levels across - and all characteristics in – the business. We are taking proactive steps to address our representation through initiatives such as BBC Extend and are also working to improve our disclosure rates in order to achieve a more inclusive and representative workforce.'
-Ends-
For more information, please contact: Gwen.Eluned@bbc.com
About BBC Studios
BBC Studios is the main commercial arm of BBC Commercial Ltd and generated revenues of £2.1 billion in the last year and profits of over £200 million for a fourth consecutive year. Able to take an idea seamlessly from thought to screen and beyond, the business is built on two operating areas: the content studio, which produces, invests and distributes TV and audio globally and media & streaming, with BBC branded channels, services including UKTV, BBC.com and BritBox International and joint ventures in the UK and internationally. The business made almost 3,300 hours of award-winning British programmes last year for a wide range of UK and global broadcasters and platforms. Its content is internationally recognised across a broad range of genres and specialisms, and includes world-famous brands like Strictly Come Dancing/Dancing with the Stars, the Planet series, Bluey and Doctor Who.
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