Subscribe Online  

November 2018

In the magazine
Only available in print
  • The Facilities 50
    Jon Creamer launches Televisual's 31st exclusive annual Facilities 50 survey featuring the top post production houses in the UK and 48 pages of analysis of the sector
  • The Commercials 30
    Jon Creamer introduces Televisual’s exclusive Commercial 30 survey, reporting on a year of highs and lows for commercials producers.
  • The Drama Genre Report
    With competition from streamers intensifying, UK broadcasters are exploring new drama strategies. Tim Dams reports
  • Primary Colours
    Five leading movie colourists tell Michael Burns the secrets of their craft, and explain the techniques they use to grade movies like The Danish Girl, Peterloo and Baby Driver
  • Up, up and away!
    Thanks to advances in camera technology, the possibilities of aerial filming are greater than ever before. Pippa Considine reports on some of the year’s standout aerial projects
  • OB: Which Way Now
    The OB industry is embracing major change as it adapts to the worlds of UHD, HDR and IP. Michael Burns reports
From the magazine
Available to read online
Read >>


Production 100, 2013 Back to Reports & survey Listing

The recovery may be anaemic elsewhere in the economy but there are some signs of life in the media – both for commercial broadcasters and for the independent production companies that supply them.

For 2012, PACT reports growth in primary commissions from UK broadcasters to indies for the first time since the recession year of 2008 (thank you Channel 4 and Sky), while international revenues continue to climb.

Mediatique’s own independent analysis confirms the PACT trends, but throws up some sources of potential concern. We haven’t yet felt the full  effects of the BBC’s frozen licence fee settlement while ITV’s aggressive acquisitions of indies over the past 12 months is likely to lead to a reduction in its external spending over time. Channel 4 may not be able to expand on its inflation-busting content expenditure levels of recent years. Sky will continue to spend, but we’d expect the effects of premium rights inflation (particularly in football) to hit original content budgets.

Still, the relative recovery has kept valuation expectations on the high side, so buyers are wary. Some big potential acquirers are focussing on tying in talent rather than paying a premium to buy an indie outright. There have been some deals recently, including ITV’s US purchases, its acquisition of Big Talk, Tinopolis’ acquisiton of Firecracker and the sale of Left Bank to Sony; but the grand-daddy of indies, All3Media, failed to find a buyer.

Relatively modest dealflow reflects both the lack of targets (following the wave of pre-recession consolidation) and perhaps some concern about fundamental trends – not least original content expenditure plans at major broadcasters. While now accounting for far less of indie revenues than five years ago, primary commissions are still the engine, and the short-term outlook here looks mixed.

Mathew Horsman is director of Mediatique, which provides strategic and financial advice to media companies, including broadcasters and indies.

More Chapters


Televisual Media UK Ltd 23 Golden Square, London, W1F 9JP
©2009 - 2017 Televisual. All rights reserved
Use of this website signifies your agreement to the Terms of Use | Disclaimer