U.K. public service broadcaster Channel 4 has revealed revenues of £1.02 billion ($1.6 billion) for 2023 despite what has been billed as the worst advertising downturn since 2008.
Channel 4 CEO Alex Mahon unveiled the results as part of the broadcaster’s latest annual report, which was published later than usual due to the general election earlier this summer.
Despite this, the network has been operating on a planned deficit of £52 million, which it warned about earlier this year when Mahon also announced in Jan. the company would be cutting 18% of its workforce and axing a number of underperforming linear channels in a bid to reduce operational costs by 2030. The broadcaster expects a financial deficit next year also, albeit a smaller one.
