BBC Studios revenues stable as profits rise

BBC Commercial, the parent of BBC Studios, saw profits rise by 17% in 2025/26 as its DTC streamers and Bluey helped to offset a decline in production income, with chief exec Tom Fussell again describing a “challenging” landscape.

The commercial division of the UK public broadcaster reported revenue of £2.20bn, up slightly from the £2.15bn last year, while group EBITDA rose from £228m to £267m.

BBCS revenues were largely stable at £2.13bn, with EBITDA up to £263m from £225m in 2024/25 as a result of cost savings and foreign currency hedges.

Revenue from production and distribution unit Content Studio was up 1% supported by consumer products, notably Bluey, with revenues increasing from £1.43bn last year to £1.45bn, with EBITDA rising 42% from £116m to £165m.

Media and Streaming revenues were up from £786m to £788m, with EBITDA increasing £3m on last year to £104m.

Statutory profit after tax across BBC Commercial rose 9% to £71m, but overall returns to its public broadcaster sibling the BBC were down from £391m to £377m.

That was made up of a dividend of £197m (2024/25: £161m) and content investment of £154m (2024/25: £200m). The results have “kept the business on track” to meet its five-year target of delivering £1.5bn to the BBC, it said.

Streaming growth, production lull

BBCS pointed to BritBox and documentary streamer BBC Select as “key growth drivers”, with the former’s revenues rising 20% and the latter’s up 61% albeit from a smaller base.

Social video revenues were up 23% year-on-year as watch time for BBC Studios’ content on YouTube nearly doubled, with 14.7 billion annual views.

BBCS-owned UKTV also claimed record viewing share, while BBC.com expanded its global digital audience reaching 149 million monthly users outside the UK, the company said, adied by a paid subscription service for US visitors.

FAST (free international ad-supported streaming services) channels also grew to 30 channel brands and over 300 feeds globally, but the organisation pointed to “a highly competitive global media market” and consolidation among industry players, such as All3Media and Banijay’s recent merger.

Reduced commissioning from traditional broadcasters and “structural shifts from linear television to on-demand consumption” is also impacting the landscape, the company said.

“Looking in more detail at the business segments, a slower content commissioning market for the content studio means fewer available commissions for programme makers, which can affect the onward pipeline for the development of new ideas and intellectual property into future brands,” BBCS said.

Looking ahead, BBCS pointed to highlights including a new series of Blue Planet, alongside new seasons of Sherwood, Deadpoint, Break Clause, Honey, and Pride & Prejudice. Crime series Death Valley had been sold to more than 100 markets internationally, it added, while Dancing with the Stars in the US attracted a 53% audience share among adults aged 18–34, the largest for any broadcast entertainment series since the Friends finale in 2004.

Other key titles included The Americas, The Ballad of Wallis Island, Crookhaven and Prehistoric Planet: Ice Age, while Bluey remained a “standout global success”, becoming the most-streamed title in the US for a second consecutive year, the organisation said.

Fussell added: “2025/26 has been a strong year for BBC Commercial. We have grown profits and delivered significant returns to the BBC despite ongoing market pressures, while continuing to deliver creative excellence recognised around the world.

“Our diversified portfolio continues to position us well, with growth in some areas helping to offset softer performance in others, underpinning our overall resilience.”

He also called on the UK government to support its operations – and its returns to the BBC – following the public broadcaster’s Green Paper earlier this year.

“As set out in the BBC’s response to the Government’s Charter Review Green Paper, the ability to grow our commercial operations is increasingly important.

“In a more competitive global market, the right commercial and regulatory framework will be critical to enabling us to scale, invest and deliver even greater returns in support of the BBC’s public service mission.”