BBC Studios Achieves Record Profits and Revenue Amidst Commercial Expansion

BBC Studios, the production and sales wing of the BBC, has reported record profits of $310 million for the 2022/23 financial year, a 6% increase, with revenues reaching $2.7 billion, up almost 28%. The division aims to double its business size between 2021/22 and 2028 and has attributed its growth to content production, securing orders from major streaming platforms. However, the ad market downturns have impacted its streaming and channels business. BBC Studios is focusing on local and international production to generate more revenue and return cash to the BBC.