BBC Studios Posts Record Annual Financials as Production Sales Jump 56 Percent

BBC Studios, the U.K. public broadcaster’s commercial arm, reported record full-year financials, including its highest-ever revenue and earnings, on Tuesday, saying this “positions the business well for future growth.”

The company unveiled key strategic and financial performance data for the fiscal year 2021/2022, with overall revenue, or sales, reaching £1.630 billion ($1.93 billion), up 30 percent compared with the £1.255 billion recorded in the previous financial year “thanks to a very healthy year for production and (TV channels group) UKTV.”

The growth was driven by a 56 percent increase in production sales. “Content sales were strong at over £400 million ($473 million), thanks to key brands like Doctor Who and Top Gear, unscripted landmarks The Universe and Green Planet, alongside hits from our indie partners, including The North Water, This Is Going To Hurt and The Outlaws,” BBC Studios said.

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Profit, as measured in earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 50 percent to £226 million ($267 million) from £151 million), marking “the first time the business has exceeded £200 million,” BBC Studios said. It added that a £135 million cash dividend ($160 million) was going back to the BBC.

“Last year was stellar for BBC Studios, thanks to continued strong demand for our brands like Strictly/Dancing With the Stars, Time, Bluey and the Planet series,” said Tom Fussell, CEO of BBC Studios. “Our creative and financial success is clear for all to see, and I am so proud of our teams across the world who worked so hard to achieve this in extremely challenging conditions. With new freedom to invest and a new commercial board, now is the time for the business to step up a gear. Despite an uncertain economic climate, we’re hugely confident about the opportunities ahead: and while this investment in future growth might impact on our profits over the short term, we know that we are building a business which can play a more significant role in the future of the BBC.”

BBC Studios on Tuesday also published its annual pay gap report, “with details of pay gaps for gender, ethnicity, disability and LGBTQ+ employees broken down by career level band, as well as global analysis for the first time.” The majority of career level bands show median pay gaps of within plus/minus 5 percent, “while the overall median gender pay gap is now below 10 percent,” the company said. “In entry-level roles, new schemes to increase diversity are impacting some pay gap metrics, but this is important work for improving diversity across the business.”

Said Fussell: “We’re amongst the most transparent in the media sector for pay gap disclosures, with breakdowns for gender, disability, ethnicity and LGBTQ+ across all levels of the business, as well as new data this year for our global staff. While there is much to be proud of as our gender pay gap continues to fall, inevitably these figures paint a picture of a work-in-progress, especially where we are investing in the talent of the future. We know there is work to do to achieve the equality we seek across the board, and we will work tirelessly to make this happen.”

UKTV also had a record year, with EBITDA jumping 105 percent as the advertising market bounced back to boost revenue and audience share increased to hit “record levels,” the company said. “Its channels performed very well, with Drama, Gold and Alibi increasing their share by 11 percent, 7 percent and 5 percent, respectively, in the 2021 calendar year, and (comedy network) Dave upping its share of 16-34 year olds by 14 percent as audiences responded enthusiastically to investment in new original content, while streaming service UKTV Play added 1 million registered users.”