UK TV exports fall 2% despite strong US demand
UK TV exports fell 2% to £1.82bn in 2023/24, according to the annual UK TV Exports Report from TV and cinema producers body Pact.
This is still 27% higher than the pandemic-hit period of 2020/21.
The US remains the biggest destination for UK TV exports, responsible for almost one-third. Despite the overall decline, exports to the US rose 13% year on year to a new high of £593m.
Other top destinations for UK TV exports also saw growth, including the Netherlands (+25% to £35m) and South Africa (+20%to £27m).
Germany and the Nordics each increased by 8% to reach a record high of £118m and £104m respectively.
France, Italy and Spain all witnessed falls, however.
Co-productions hit hard
By production type, exports of co-productions were hardest hit, decreasing by 28% to £120m. Pact attributed this to reduced activity, particularly premium drama, by some large US media companies.
International productions, meanwhile, showed significant growth to total £325m — a 29% increase. This means their share of total TV exports now stands at 18%, up from 14% in the last report.
Finished programme sales continued to account for the largest share at 56% — although this has been on a gradual decline over the past seven years. This segment fell 8% to £1.02bn.
Within this segment, which Pact’s report also classified as TV sales, there has been a slight shift back towards broadcasters: they accounted for 50%, up from 47% in 2022/23.
VOD was responsible for 50% of TV sales, with advertising-supported VOD gaining a bigger share (at 15%, up from 9%) compared with subscription VOD (at 35%, down from 44%).
Streaming interest
Generally, more UK distributors have successfully signed deals with streaming platforms, Pact found.
With the exception of Comcast’s Peacock and Warner Bros’ Max, more UK distributors have secured deals with streamers in 2023/24 compared with a year earlier.
In genre terms, scripted drama continued to be dominant, but its share of total exports dropped to 43% from 49% a year ago. Entertainment, meanwhile, witnessed the biggest growth and accounted for a 27% share of the total.
John McVay, Pact’s CEO, said: “This year’s report reflects the challenges that the industry has faced over the past few years and highlights the very mixed picture and variances experienced by UK distributors.
“But it also shows the strength and tenacity of the sector, as well as the continued quality of British TV content that is enjoyed across the globe.”
The UK TV Exports Report is conducted by 3Vision, which surveys over 20 UK distributors about their international sales, challenges they have faced in the past year and what they expect in the year ahead.
It is sponsored by Fremantle, BBC Studios, ITV Studios and All3Media International.