The BBC has released its annual report for 2023/24, with the financials revealing that revenue has dipped and the broadcaster needs to find ways to secure its future.
One of those ways is through further job cuts. Coinciding with the release of the report, the organisation reported a plan to cut a further 500 jobs by March 2026 and has opened a round of voluntary redundancies.
There is no breakdown in the report about the BBC’s revenues in separate markets outside the UK, including Australia.
A fall in the number of TV licenses contributed to the fall in overall revenue. In the UK, there were 23.9 million licences at the year-end compared to 24.4 million at the end of 2022/23.
As of 31 March, the BBC’s public service headcount was at 17,592 – a decrease of 0.5% compared to 2022/23. In 2018/19 the comparable figure was 19,231, a drop since then of 8.5%.
The BBC has reported revenue for the BBC Group (which includes commercial revenue) was down 6% to £5.4bn for the year to 31 March 2024, with an operating deficit of £263m down from a deficit of £193m the year before.
BBC Commercial delivered sales of £1.9 billion (22/23: £2.1 billion) and EBITDA of £199 million (22/23: £252 million).
The BBC’s main commercial arm, BBC Studios, reported “good underlying growth” underpinning its ambition to double the 2022 revenues by 2028. BBC Studios achieved sales of £1.8 billion (2023: £2.1 billion) and EBITDA of £202 million (2023: £252 million), the third consecutive year the business has posted EBITDA over £200 million.
BBC Studios made a series of key strategic investments in the year, most notably taking full ownership of what it calls the profitable and fast-growing Britbox International.
Australia remains a key market for BBC Studios, although without details of the revenue results, it is unclear how key.
It’s a Bluey world
Highlights in Australia included the acquisition of Werner Films. Another significant change here will be the soon-to-launch live stream of the BBC News channel in the enhanced BBC app.
See also: Making Aussie content that works for FTA and streamers, locally and globally – BBC and Werner
BBC takes Bluey to the rest of the world outside Australia. And it is a world becoming increasingly obsessed with the Ludo Studios animated hit.
The annual report noted Bluey’s popularity soared globally as it became the second most streamed US show in any genre in 2023 according to Nielsen data. The award-winning children’s brand reached audiences in 140 territories amidst the launch of a game, immersive experiences, books and other merchandise, boosting sales for consumer products.
Bluey led the growth in sales for consumer goods with licensed products now available in over 50 countries.
Trophies picked up by Bluey include a BAFTA, an Emmy and the Australian Academy of Cinema and Television Arts (AACTA), for Best Children’s Program for the last five years.
A Bluey video game was launched on all major gaming platforms. There was an immersive recreation of Bluey’s Queensland home in LA and Chicago, which became the licensee’s fastest-selling experience ever. A Bluey’s Big Play stage show is touring the UK and Ireland until September 2024 and expanding into Europe as well as Abu Dhabi and Singapore. And the Bluey World immersive experience will open in Brisbane in November 2024.
The Bluey Book Reads series, featuring Kylie and Dannii Minogue, Tom Daley and Romesh Ranganathan, has been viewed over 17 million times on the Bluey YouTube channel since launch in February 2024.
Tom Fussell, CEO BBC Commercial said: “The last financial year saw good progress against our strategic objectives through record investment – in content, premium digital services and select international production companies. Despite the challenging external environment, we saw good underlying growth and our long-term ambition to double the 2022 business remains. We will continue to take advantage of new opportunities as they arise.”
BBC salaries revealed
The most-discussed part of the BBC Annual Report every year seems to be the breakdowns of the highest-paid on-air talent and executives.
Talking points this year included the continued #1 ranking for footballer-turned-TV-host Gary Lineker and the size of the salary paid to Radio 2 breakfast host Zoe Ball. It’s not Kyle and Jackie O money though.
There were also plenty of headlines about the increase in salary for newsreader Hugh Edwards who resigned from the BBC in April this year. He hasn’t read a news bulletin though since July 2023 after standing down following a photo scandal.
See also: Bluey drives BBC profits, but media frenzy around scandal overshadowed Annual Report