BBC Studios has published its annual results that show that BBC Studios delivered revenues of £2.13 billion and EBITDA growth of 17% to £263 million.
Growth was driven by direct-to-consumer services, led by the continued expansion of the fast-growing BritBox and BBC Select, alongside a strong performance in consumer products, particularly the global success of Bluey.
BBC Studios umbrella group BBC Commercial returned £377 million (2024/25: £391 million) to the BBC, including dividends of £197 million (2024/25: £161 million) and content investment of £154 million (2024/25: £200 million), keeping the business on track to meet its five-year target of £1.5 billion in returns.
Tom Fussell, CEO, BBC Commercial, said: “2025/26 has been a strong year for BBC Commercial. We have grown profits and delivered significant returns to the BBC despite ongoing market pressures, while continuing to deliver creative excellence recognised around the world. Our diversified portfolio continues to position us well, with growth in some areas helping to offset softer performance in others, underpinning our overall resilience.
“As set out in the BBC’s response to the Government’s Charter Review Green Paper, the ability to grow our commercial operations is increasingly important. In a more competitive global market, the right commercial and regulatory framework will be critical to enabling us to scale, invest and deliver even greater returns in support of the BBC’s public service mission.”
Operating across its content studio and media and streaming business, the company benefited from a combination of factors including a revenue mix weighted towards higher margin sales and delivery of cost savings in line with a new comprehensive cost review.
The content studio saw stable revenues and a 42% increase in EBITDA to £165 million, amid continued evolution for the business to respond to structural changes in the sector internationally. Growth was driven by strong performance from consumer products, notably partnerships and deals for the Bluey brand.
New BBC crime series Death Valley delivered the UK’s highest overnight audience for a new scripted comedy in five years and has been sold to over 100 markets internationally.
In the US, Dancing with the Stars had a standout year, especially among younger audiences, with the finale attracting a 53% audience share among adults aged 18–34, the largest for any broadcast entertainment series since the Friends finale in 2004.
Bluey remained a standout global success, becoming the most-streamed title in the US for the second consecutive year, with over 45 billion minutes watched on Disney+, and the top pre-school toy brand in the US market.
Other key titles included The Americas, The Ballad of Wallis Island, Crookhaven and landmark natural history series Kingdom and Prehistoric Planet: Ice Age.
Social video revenues were up 23% year-on-year as watch time to BBC Studios’ content on YouTube nearly doubled and was ahead of global streamers and UK broadcasters with 14.7 billion annual views.
BBC Studios’ media and streaming business delivered EBITDA of £104 million, growing 3%, supported by continued momentum in direct-to-consumer and commercial news services.
BritBox remained a key growth driver, particularly in North America, where revenues grew by 20%, while new subscription offerings exceeded expectations. Documentary streaming service BBC Select also delivered record growth, with revenues increasing by 61%.
In the UK, UKTV achieved record viewing share and grew its streaming platform U, alongside agreeing a multi-year, first-of-its-kind carriage deal with Channel 4 to carry the U streaming service.
BBC.com expanded its global digital audience, reaching 149 million monthly users outside the UK, and launched a paid subscription service for US visitors, giving subscribers benefits including unlimited access to BBC’s global news and reporting.
BBC Studios’ FAST (free international ad-supported streaming services) channel portfolio is operating 30 channel brands and over 300 feeds globally.
Responding to market pressures, the business has focused on cost discipline, operational efficiency and targeted investment in high-growth areas such as direct-to-consumer services, digital platforms and global content distribution.
A supportive regulatory and commercial framework, as highlighted in the BBC’s response to the Government’s Charter Review Green Paper, will be key to realising these opportunities, enabling further growth in commercial returns that can be reinvested into public service content for UK audiences.
Upcoming highlights for the next financial year include a new series of Blue Planet, alongside new productions such as Sherwood, Deadpoint, Break Clause, Honey, and Pride & Prejudice.
BBC Commercial remains well positioned to deliver sustainable growth and increasing returns to the BBC, supporting investment in distinctive, high-quality content for audiences across the UK and around the world.
Pippa Considine
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