Record Sales for BBC Studios

BBC Studios’ revenues topped £2 billion in 2022-23, a new milestone for the British pubcaster’s commercial arm.

In the fiscal year, sales were £2.1 billion ($2.7 billion), a 28 percent gain on the previous year, driven by the company’s global Content Studio, which encompasses production, content sales, brands and global licensing. Profits rose by 6 percent to £240 million ($309.7 million). BBC Studios is looking to double the size of the business from 2021/22 to 2028.

Tom Fussell, CEO of BBC Studios, said: “I’m extremely proud of these results, which show the strength of our content driving our growth strategy. Our global Content Studio had an exceptional year, growing by nearly half and winning awards for creativity and craft across all genres, as well as covering significant national moments with distinction. Revenue held steady overall in our channels and streaming services internationally, despite ongoing external challenges posed by inflation and volatility in the advertising market, and we made further investment into production labels, BBC.com and UKTV to promote and sustain future growth.

“Looking ahead, we have bold ambitions to double the business by 2028, while investing for future growth and market volatility, which will impact short-term profitability. At the same time, we are continually transforming our culture to prioritize inclusion, operate sustainably and put performance at the heart of everything we do.”

Content Studio revenues rose by 40 percent, with more than 75 percent of the division’s income coming from third parties. Channels and streaming revenues were stable at £535 million ($690.3 million).

Returns to the BBC hit a record level of £362 million ($467 million).

Fussell spoke to World Screen earlier this year about his ambitious growth strategy for BBC Studios. You can read that interview here.