Channel 4 headquarters Courtesy of Channel 4 U.K. broadcaster Channel 4 , led by CEO Alex Mahon , reported a record full-year 2023 loss of £52 million ($68 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. But in its annual report and a press conference related to it, the public service broadcaster predicted a narrowed deficit for 2024 and a return to breakeven “over the mid-term,” while also touting signs of success in its digital push. Related Stories TV Rafe Spall, Jonathan Pryce Join Kelly Reilly in Sky Original Crime Thriller ‘Under Salt Marsh’ Business European Streamer SkyShowtime to Launch Premium Tier (Exclusive) During the press event on Tuesday, Mahon noted that “it’s a record [deficit] but I would remind you of the years of record surpluses.” Indeed, after a 2019 loss, Channel 4 reported a 2020 surplus of £74 million pounds, followed by a £101 million surplus in 2021, and a slight £3 million surplus in 2022. The CEO […]
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