Channel 4 in the UK is cutting 18% of its workforce and will close channels as part of a strategy to become a “digital-first” streamer by 2030.
The strategy, titled Fast Forward, will be built around three pillars focused on: digital growth, including a rejig of commissioning teams and programming investments; diversifying into new businesses, including IP ownership; and “re-engineering” the business for streaming, namely reducing operational costs away from channels.
Digital revenues accounted for 27% of C4’s total revenues last year, but the broadcaster aims to increase this to 30% in 2024 and pass the “tipping point” of 50% by 2030.
