PACT reveals a booming 2022 but predicts shaky 2023 results
The 2023 Pact Census has revealed figures showing that TV sector revenues hit a record high in 2022, increasing 21.3% on the previous year to reach £3,944m.
The increase was largely down to the growth of international revenues and a significant increase in streaming commissions.
While domestic TV revenues experienced slight growth, reaching their highest ever level of £2,207m, international revenues grew sharply by 70% to reach £1,618m.
This growth, which follows two years of decline in international revenues, is likely due to the return of multiple major UK international productions The Crown and Sex Education, the UK launch of Apple TV and Disney + and the ongoing appeal of the UK TV market to global buyers.
Domestically in 2022, digital commissioning grew to £155m, more than double (129%) than in 2021, probably due to broadcasters’ shifting commissioning strategies and prioritisation of their VOD services (e.g. iPlayer, ITVX, Channel 4, My5).
Internationally, digital services (including Netflix, Amazon, Apple TV, Disney+) significantly increased their spending on UK independent producers by 13%, reaching a total of £696m.
Commenting on the Census, Pact CEO John McVay, said: “It’s a sign of confidence in the UK market that international buyers invested in British producers and great British content. However, 2022 is likely to be an exceptional year due to the recovery from the pandemic and the commissioning boom.
“With the cost-of-living crisis, the situation with Ukraine, rising inflation - we recognise that 2023 so far has been a much tougher year and this is likely to be reflected in next year's Census.
“Additionally, the Census shows an increase in domestic spend illustrating how over-commissioning by UK broadcasters has contributed to a difficult 2023 with people out of work for long periods of time."
The Crown image: Keith Bernstein/Keith Bernstein - © 2021 Netflix, Inc.
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