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BBC Commercial, the BBC’s main commercial arm, has released its 2023/24 summary of strategic and financial performance, revealing a year marked by significant investment in growth, strategic priorities, and content development. Despite challenging market conditions, BBC Commercial continues to expand its reach and impact globally.

The last financial year saw BBC Commercial make good progress against its strategic objectives, with record investments in content, premium digital services, and select international production companies. BBC Commercial reported sales of £1.9 billion (compared to £2.1 billion in 2022/23) and an EBITDA of £199 million (compared to £252 million in 2022/23), showcasing resilience amidst challenging market conditions.

Tom Fussell, CEO of BBC Studios, stated:

“The last financial year saw good progress against our strategic objectives through record investment – in content, premium digital services, and select international production companies.”

BBC Studios, the BBC’s principal commercial division, made substantial strategic investments, notably acquiring full ownership of BritBox International, enhancing its global production footprint, and investing heavily in digital services like BBC.com and UKTV Play. These strategic moves align with the ambition to double the 2022 business by 2028, highlighting good underlying growth.

BBC Studios delivered remarkable programming, affirming its status as the UK’s most awarded production company with 123 award wins from 401 nominations. Key content highlights included:

• Planet Earth III
• The Famous Five
• The 1% Club
• Einstein and the Bomb
• Eurovision
• Time (Series 2)
• The Coronation of Their Majesties King Charles III and Queen Camilla

BBC Studios produced seven of the top 10 performing shows in the UK in 2023, demonstrating world-class creativity and production quality.

BBC Studios’ franchises achieved remarkable success globally:

• Bluey: The award-winning children’s brand soared to become the second most-streamed show in the US, reaching audiences in 140 territories with a series of sought-after consumer products.
• Doctor Who: Celebrating its 60th anniversary, the world’s longest-running sci-fi show introduced a new Doctor, Ncuti Gatwa, with three one-off Christmas specials debuting on Disney+.
• Dancing with the Stars: This franchise celebrated its 20th anniversary, airing in more than 60 countries worldwide.

BBC Studios’ Global Media & Streaming division now houses BritBox International, which boasts 3.8 million subscribers, growing at a rate of 25% per year. UKTV delivered a strong performance, increasing its share of the commercial audience and expanding its free streaming service, UKTV Play. Additionally, the number of international ad-funded (FAST) channels grew to 36, including the BBC News Channel for the first time.

BBC Studios ranked among the UK’s top 50 in Glassdoor’s ‘Best Places to Work’, standing as the highest-ranking TV company on the list. This accolade reflects the company’s commitment to nurturing a robust and innovative culture that prioritizes creativity as a strategic pillar.

In alignment with its dedication to diversity and inclusion, BBC Studios published its annual Pay Gap Report, which, for the first time, includes data on socio-economic background in addition to gender, ethnicity, disability, and LGBTQ+ metrics. The report shows that median pay gaps across career bands below the Senior Leader level remain low, with over 90% of the workforce in a band with a pay gap under 5%. Notably, efforts are underway to address disparities in the disabled workforce through strategic partnerships and initiatives.

Tom Fussell added:

“We recognize that while we are making progress, there is still more work to do, including how we recruit and how we educate recruiting managers across the business. As BBC Studios embarks on its transformational growth journey, part of our success will be measured on our ability to grow and empower our teams to deliver results as we develop a more representative workforce.”

BBC Commercial is on track to meet its five-year returns commitment of £1.5 billion by 2026/27, a 30% increase from the previous five-year period. Cumulative returns in year two stand at £693 million. BBC Studios remains committed to exploring new opportunities and sustaining its long-term ambition of doubling the 2022 business by 2028.

For full financial results, please visit here.

For more information, please contact:

• Chris Charlton
  Email: Chris.Charlton@bbc.com
• Gavin Dawson
  Email: Gavin.Dawson@bbc.com