C4 reports record results
July 15, 2022
Channel 4, defying the government’s contention it can’t work as a PSB, has posted a record set of financial results including revenues topping £1 billion (€1.18bn) for the first time.
Turnover rose by 24 per cent to £1.16 billion with a pre-tax surplus of £100 million. Digital advertising revenue, one of the network’s key growth metrics, rose by 40 per cent to £224 million and now comprises 19 per cent of total revenue. Channel 4 is targeting that figure to be 30 per cent by 2025 and said it is on track.
Views to VoD player All4 rose by 21 per cent to 1.5 billion, with 400 million more required to hit Channel 4’s 2025 target, again well within reach.
“2021 was an outstanding year of creative excellence, exceptional digital growth and record-breaking financial performance that saw Channel 4 over-deliver on its remit and successfully continue its transformation into a digital-first PSB,” commented Alex Mahon Chief Executive, Channel 4. “These results demonstrate that Channel 4’s business model delivers dynamic growth, revenue diversification and long-term sustainability. Financially, Channel 4 is in the most robust health it has ever been and our results have laid the foundations for ongoing investment, financial success and stability.”
“Channel 4 is a vital national institution, and its remit is deeply embedded in everything we make, every day and on every platform,” continued Mahon. “It is about showcasing things that people might not agree with and that challenge perceptions. It’s about celebrating the rich diversity not only of all our communities across the UK, but also their diversity of thought and opinion.”
Channel 4’s Chair Sir Ian Cheshire concluded: “Our exceptional financial performance demonstrates Channel 4’s long-term sustainability and, through its Future4 strategy, it will play a major and unique role in strengthening and levelling up the creative industries and creating new jobs and opportunities for young people across the UK.”