CEO Alex Mahon lauded gains on YouTube and beyond as the U.K. broadcaster posted its annual report and highlighted that her team was not looking for government help as it works to turn around losses.
, reported a record full-year 2023 loss of £52 million amid what it called a sharp and “prolonged” advertising downturn that saw U.K. ad revenue fall 9 percent, partially due to a correction after the post-COVID boom, as well as a “strategic decision” to keep spending on its digital transformation and continued investment in original content.
COO Jonathan Allan said that the current levels are already “significantly higher” than what a chart listed as a 10 percent digital ad revenue average at U.K. andcommercial broadcasters. With non-advertising revenue representing 10 percent of total revenue, he also highlighted that 37 percent of Channel 4’s total revenue was now from sources other than linear advertising, up from 33 percent in 2022.
Channel 4 expects total revenue in 2024 to be “broadly in line with last year despite the challenging market, digital ad revenues are expected to achieve double-digit growth again this year, offsetting the decline in linear.” Adding in continued investment in digital transformation and maintaining investment in British content, “there will be a deficit in 2024, albeit smaller than the deficit in 2023,” the CFO concluded.
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