Channel 4 posts record deficit as revenues top £1 billion
October 8, 2024 16.03 Europe/London By Julian Clover


Digital revenues now account for 27% of total revenues at Channel 4 following a 10% increase to £280 million.

The commercially financed public broadcaster is anticipating digital revenue will reach 30% in 2024, a year ahead of target .

The annual report was delayed following the general election.

2023 revenues topped £1 billion for the third consecutive year, however it recorded its highest ever deficit of £52 million. The previous highest was £27 million in 2012.

Channel 4 is quick to point out that the deficit came as a result of increased investment in UK content and followed record surpluses in 2020 and 2021.

Sir Ian Cheshire, Chair of Channel 4, said: “Alex Mahon and her team have done a tremendous job navigating last year’s incredibly challenging advertising downturn to deliver resilient results and lay the foundations for Channel 4’s ambitious Fast Forward strategy and the success we are seeing in 2024.|

“Channel 4’s unique public service remit and its sustainable commercial model creates immense cultural and economic benefit across the UK and this report, as well as the in-year update, demonstrates its continued long-term sustainability.”

Channel 4 grew streaming views to a record 1.6 billion in 2023, up 14% from 2022, and is set to pass 1.7 billion in 2024, as the broadcaster successfully brought in a younger demographic.

Streaming minutes were also up 23% in 2023, to 56 billion, and made up 15% of total Channel 4 viewing, up from 12% in 2022. This number is significantly higher than other UK commercial public service broadcasters and has continued to grow strongly in 2024.

Channel 4’s streaming performance from January to August 2024 was up by 25%, putting it ahead of all the biggest streaming platforms in the UK. It is the only major UK commercial broadcaster to have grown overall viewing minutes across streaming and linear. ?