BBC Studios has announced its best financial performance to date, posting record revenues of £2.43 billion for the 2023/24 fiscal year, according to the company’s annual results. The commercial arm of the BBC, responsible for generating income that supports public service broadcasting, also achieved a 10% increase in profit, reaching £240 million. In its report, BBC Studios attributed the historic results to a combination of robust international content sales, strategic production investments, and a strong slate of award-winning programming that continued to perform globally.
Tom Fussell, CEO of BBC Studios, highlighted the results as evidence of its dual strength in creativity and commerciality. “We have delivered another record-breaking year, proving that great British creativity is in demand across the globe,” he said. “With revenues of £2.43 billion and profits of £240 million, we continue to grow our international footprint, diversify our content portfolio, and deliver value back to the BBC and UK licence fee payers.”
The company’s production arm saw significant growth, with 1,700 hours of content produced in the UK and internationally. This included high-profile scripted titles like “Blue Lights,” “Happy Valley,” and the BAFTA-winning final series of “The Crown,” as well as unscripted hits such as “Planet Earth III” and “The Traitors.” BBC Studios also noted its contribution to major streamers, producing more than 700 hours of content for platforms like Netflix, Apple TV+, and Disney+.
International operations have become a cornerstone of BBC Studios’ strategy, with 77% of revenue now generated outside the UK, up from 73% in the prior year. The company expanded its direct-to-consumer business as well, with BBC-branded services now reaching over 65 million subscribers and 625 million social media followers worldwide.
Fussell underscored the broader impact of these results: “These achievements demonstrate our ability to reinvest in British creativity while strengthening our financial resilience. As the media landscape becomes more competitive, our focus remains on maintaining creative excellence and commercial growth to support the BBC and the wider UK creative economy.”
The report reflects BBC Studios’ ongoing efforts to adapt to shifting global viewing habits, striking a balance between public service obligations and profitability. As streaming and international markets continue to drive demand for high-quality content, the organization aims to further capitalize on its creative heritage and production expertise in the years ahead.