The US Remains the Leading Destination for UK TV Exports
A Resilient Market
The UK TV export market has shown remarkable resilience, achieving revenues of £1.818 billion, despite a slight 2% drop on the previous year, according to the latest analysis from the Pact and 3VISION “UK TV Exports Report 2023-24.”
The US Remains the Top Export Market
However, the US remains the top export market, accounting for 33% of total exports, or £593 million.
Challenges and Opportunities
This performance is all the more impressive in that it comes against a backdrop of multiple challenges, ranging from the global economic crisis to strikes by actors and scriptwriters, and inflation in production costs. Finished programme sales remain the main source of revenue, accounting for 56% of the total, with 50% of sales made via video-on-demand (VOD) platforms.
A Major Market
Despite the challenges, the US remains the leading market for British exports, the report points out. Sales to the US rose by 13%, consolidating this leading position. In contrast, other export markets, such as France and Italy, recorded significant declines of 21% and 23% respectively. Business to China and Japan fell by 25%, but exports to Mexico saw the greatest growth, at 113%.
The Impact of Streaming Platforms
Streaming platforms continue to play a crucial role in the distribution of UK content. Sales to streaming services showed an increase in activity, with a rise in deals with services such as Roku and Freevee. However, some streamers such as Warner Bros Discovery and Peacock saw a drop in the number of distributors signing deals with them.
Diversification of Revenue Sources
The report highlights a diversification of revenue sources. Sales of finished programmes fell by 8% to £1.019 billion, but remain the main source of revenue. International production grew by an impressive 29% to £325 million. Digital sales (TVOD and EST) fell slightly by 1%, while non-categorized revenues jumped to £113 million.
Conclusion
Despite the current challenges, 67% of respondents surveyed for the report believe that the current difficulties are temporary and that the market will recover. UK distributors continue to find outlets for their programmes, with a particular focus on ad-supported streaming models (AVOD and FAST). With record revenues and a diversification of revenue sources, the British TV industry seems well-equipped to face the challenges ahead.
Frequently Asked Questions
Q: What are the main sources of revenue for UK TV exports?
A: Finished programme sales remain the main source of revenue, accounting for 56% of the total, with 50% of sales made via video-on-demand (VOD) platforms.
Q: Which market has seen the greatest growth in UK TV exports?
A: Exports to Mexico have seen the greatest growth, at 113%.
Q: How has the global economic crisis affected UK TV exports?
A: The global economic crisis has presented challenges to the UK TV export market, including a 2% drop in revenue compared to the previous year.
Q: What is the impact of streaming platforms on UK TV exports?
A: Streaming platforms continue to play a crucial role in the distribution of UK content, with sales to streaming services showing an increase in activity.