Channel 5's Profits Plummet 81% Despite Record Content Spend
Channel 5's operating profit plummeted by 81% to £21M in 2024, a stark contrast to the £112.4M recorded in 2023. Despite this, the channel's content spend reached a three-year high of £216.6M. Meanwhile, Channel 4 reported a pre-tax deficit of £2M in the same year.
The decline in Channel 5's operating profits and sales was evident in 2024. Revenue dropped by a fifth, from £399M to £318M, and even after excluding a £80.9M payment from Sky Media, operating profit stood at £12M. However, the channel's streaming platform, 5, saw a significant boost, with viewing figures increasing by 53% compared to 2023.
Paramount's UK chief content officer, Ben Frow, received reassurances from the new international chief, Kevin MacLellan, about supporting Channel 5. Despite the recent setbacks, Channel 5 has maintained a strong track record, returning an operating profit in nine of the past 10 years.
Channel 5's 2024 results show a significant downturn in operating profits and sales. However, the channel's content spend is at a three-year high, and its streaming platform has seen substantial growth. With assurances from the new international chief, the future of Channel 5 remains a topic of interest.
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