BBC Studios Posts Record $2.9 Billion Revenue, Driven by ‘Bluey’ and BritBox Growth

BBC Studios marked a banner year with record revenues of £2.2 billion ($2.96 billion) in 2024/25, up from $2.56 billion the previous year, as the U.K. broadcaster’s commercial arm capitalized on strategic investments and a diversified content portfolio.

The company, which serves as the main commercial division of BBC Commercial, posted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $303 million (compared to $272 million in 2023/24), marking its fourth consecutive year of profits exceeding $269 million. The strong performance comes despite what CEO Tom Fussell described as “ongoing global macroeconomic and geopolitical uncertainty.”

The standout performer was global phenomenon “Bluey,” which was named the most-streamed program in the U.S. in 2024. The Australian children’s series drove significant growth in BBC Studios’ consumer products division, with the company also opening the “Bluey’s World” immersive experience in Brisbane and announcing a feature film partnership with Disney+ set for 2027.

BritBox International, which BBC Studios took full ownership of as part of its strategic investments, saw revenues jump 20% year-over-year in its first full year under complete BBC control. Popular U.K. titles including “Ludwig” and “Blue Lights” proved particularly successful with North American audiences.

Investment in digital platforms was key in delivering 43% growth in revenues for the media and streaming division. BBC Studios’ multi-channel network UKTV also delivered strong numbers, with its direct-to-consumer service U growing views by a third in 2024. Total viewer hours across UKTV’s VOD platforms increased by 56 million hours year-over-year, with “The Marlow Murder Club” becoming the network’s highest-rated show of 2024, watched by 2.6 million viewers.

BBC Studios maintained its position as the U.K.’s most awarded studio, collecting over 150 honors including seven Emmy awards and an Oscar for “Conclave.” The company’s wholly-owned House Productions created “Conclave,” which won four BAFTAs and an Academy Award, while wholly-owned Clerkenwell Films’ “Baby Reindeer” took home six Emmys. “Strictly Come Dancing” celebrated its 20th anniversary as the international “Dancing with the Stars” brand continues its global popularity.

On the factual side, “The Americas,” narrated by Tom Hanks for NBC, became the most-watched nature documentary on U.S. linear television in more than 15 years.

The strong financial performance keeps BBC Commercial on track to meet its five-year returns commitment of $2.02 billion by 2026/27 — a 30% increase over the previous five-year period. The company has already delivered $1.38 billion during the first three years of that timeline.

BBC Studios also released its Pay Gap Report, showing improvements in eight of 10 pay gaps. The median gender pay gap decreased to 10.7% from 11.5% the previous year, while the mean gender pay gap dropped to 11.3% from 13.4%.

“BBC Commercial has delivered a strong set of results, which show that our strategy is working and the investments made in previous years, together with a diversified portfolio, are delivering a trajectory of sustainable growth,” Fussell said.

All profits generated by BBC Studios flow back to the BBC to support its public service mission in the U.K.