BBC Studios has announced the financial results of the subsidiary’s first year since its formation in 2018 following the merger of BBC Worldwide and BBC Studios.
The company’s EBITDA were up 51 per cent at £159 million, having made nearly 2,000 hours of programming for the UK audience, secured 15 new commissions for third parties around the world and landed its first direct commission in China.
This strong position is said to finance the purchase of the majority of UKTV as well as increased investment in content. The business also signed a number of new or extended deals for content partnerships, including a global SVoD relationship with Discovery.
In addition, BBC Studios now has equity stakes in 16 companies, first look deals with a further 17 and represents content from over 200. Overall, £176 million was returned to the indie sector through rights investments and royalties in 2018/19, representing an increase of 18 per cent.
Tim Davie, CEO of BBC Studios, said: “It has been an excellent year for BBC Studios, both creatively and financially. Two separate subsidiaries have combined swiftly and efficiently to create a new British studio operating on the world stage, able to take ideas seamlessly through funding, creation, distribution and commercialisation.”