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BBC Studios delivers profit in its first year as a commercial subsidiary
BBC Worldwide EBITDA up 42 per cent[1] and returns to the BBC remain stable at £210m
Results demonstrate a strong base for the newly integrated BBC Studios, which began trading on 3 April 2018
BBC Studios recently announced the 2017/2018 financial results for BBC Worldwide and BBC Studios, the BBC's wholly-owned commercial subsidiaries which formed a single integrated group, BBC Studios, on 3 April 2018.
The results reveal that each commercial entity joined together to form a single commercial group from a strong financial base, with BBC Studios reporting headline sales of £432.0m and EBITDA of £7.2m[2] in its first year of trading, and BBC Worldwide showing an increase in EBITDA to £118.3m, while sustaining cash returns to the BBC above £200m for a fourth successive year.
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Tim Davie, CEO for BBC Studios, and formerly CEO of BBC Worldwide, during the financial year, said: BBC Worldwide delivered a solid performance for 2017/2018 against a rapidly changing and an ever more competitive landscape. The results reflect strong delivery against our strategy; investing in premium British IP and an increased focus on customer management have led to another record year for content sales, while our productions, formats and branded services continue to extend their global footprint and find wider audiences.
BBC Worldwide entered the merger with BBC Studios from a strong position. Joining our world-class distribution capability with the UK's most awarded production company was the most natural step to keep us both fit for the future. I am confident about the prospects of the new BBC Studios and what we can achieve together, he added.
Mark Linsey, chief creative officer for BBC Studios, and formerly director of BBC Studios, during the 2017/2018 financial year, said: It's testament to the hard work and dedication of our hugely talented programme-makers and business teams that we have turned a profit in your first year of operating as a commercial entity. This year we received 200 nominations and over 80 awards for our content. Three of the top five British shows of 2017 were ours, proving that our programmes have made a huge impact on audiences. Not only that, we won new business from third-party broadcasters both here in the UK and around the world. We now look forward to consolidating and growing our success within the newly merged BBC Studios.
Financial results Business highlights
BBC Studios Headline sales:
£432.0m
EBITDA: £7.2m Most awarded producer in the UK in 2017/2018 with more than 80 awards and 200 nominations
Produced three of the UK's top five most-watched programmes of 2017, including One Love Manchester, Strictly Come Dancing and Blue Planet II
Blue Planet II, with a UK audience of 14m, was the most watched Natural History programme in 15 years
Commissions secured beyond the BBC, including The Red List for Discovery, Fatberg Autopsy for Channel 4, Inside Hotel Chocolat for Channel 5 and Sex, Knives and Liposuction, Cherry Healey's exploration of plastic surgery for UKTV, demonstrating a wider appetite for BBC Studios' editorial offering
BBC Worldwide Headline sales down 2 per cent at £1,044.0m (2016/17: £1,059.9m)
EBITDA up 42 per cent at £118.3m (2016/17: £83.5m)
Cash returns of £209.9m to the BBC (2016/2017: £210.5m), over £200m for the fourth year running
Free cash generation up 34 per cent at £121.4m (2016/17: £90.8m)
Global success for Blue Planet II from BBC Studios' Natural History Unit: sold to 234 territories at year-end
Record performance in Content Sales at £422.8m (2016/2017: £422.4m)
Slight reduction in headline sales through factors such as the inter-group transfer of advertising sales, continuing decline in the DVD market and fewer US production hours on Dancing with the Stars
Indie returns of £148.6m (2016/17: £146.4m), up 1.5 per cent, in addition to equity investment into two British indies, Sid Gentle Films Ltd and Various Artists Ltd, along with an increased shareholding in Clerkenwell Films
Strong first year for US SVOD service BritBox, in partnership with ITV plc, hitting a quarter of a million subs milestone and launching in Canada by fiscal year end
Memorandum of Understanding agreed with Shanghai Media Group Pictures to expand the Doctor Who brand in China
BBC Studios financial results[3]
BBC Studios launched as a commercial subsidiary in April 2017, as part of a major change to the BBC's content supply strategy. As a result, it ceased to have a guarantee of business from the BBC but gained the ability to pitch programming to other commissioners in the UK and internationally for the first time.
The business has achieved a successful first year of trading. BBC Studios produced over 2,000 hours of content in 2017/18, generating headline sales of £432.0m and EBITDA of £7.2m, supported by reductions in costs.
Content highlights and winning business
On-screen, BBC Studios content received widespread industry recognition with more than 80 awards and 200 nominations, making it the most awarded producer in the UK. Drama Three Girls and Natural History landmark Planet Earth II were particular highlights, winning 35 awards between them.
BBC Studios delivered many of the most-watched programmes of the year with One Love Manchester, the biggest series launch to date for Strictly Come Dancing, and EastEnders and Mrs Brown's Boys topping viewing over the Christmas period.
The launch of Blue Planet II with an audience of 14m made it the biggest natural history programme in 15 years, and the resulting anti-pla
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