British commercial broadcaster Channel 4 has outlined an emergency cost-cutting plan in its bid to weather the unprecedented coronavirus pandemic. In an all-staff conference call on Wednesday after…
In an all-staff conference call on Wednesday afternoon, Channel 4 CEO Alex Mahon outlined measures to slash the broadcaster’s 2020 content budget by £150M and find £95M of operational savings, including reviewing investments and cutting market spend.
The mission to cut costs comes against the backdrop of a huge downturn in the advertising market, from which Channel 4 makes 95% of its revenue. Channel 4 said ad spend is down more than 50% in April and May, which was more severe than an estimate of 40% from revered UK research firm Enders Analysis this week.
“We know that these are exceptionally challenging times for everyone in the UK, particularly many of the producers, talent and freelancers we work with across the television and creative industries and we are committed to safeguarding our long-term ability to invest in distinctive and challenging content and create jobs and opportunities in the sector across the UK.”
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