UK TV production sector income falls by £400m as programming budgets cut

Revenue plunges as cash-strapped broadcasters spend less on commissioning amid ad slump and shift to streaming

The TV production sector in the UK suffered a £400m fall in revenues last year as cash-strapped British broadcasters reduced spending to the lowest level since the height of the pandemic.

The latest annual industry survey found that total revenues made by UK production companies fell by £392m to £3.61bn in 2023. However, just as traditional broadcasters struggle, global streaming companies such as Netflix and Amazon continue to become an increasingly important income stream, the study showed.