Channel 4 has published its Annual Report for 2024, demonstrating “digital growth, creative impact and financial resilience” as the channel delivers its Fast Forward strategy. 2024 marked the final full year under CEO Alex Mahon, who has led the broadcaster through a major transformation to become the UK’s first public service streamer.Mahon, CEO, commented: “In 2024, Channel 4 showed how powerfully our public service model can evolve and thrive in a changing world. Fast Forward is delivering – creatively, digitally, and commercially. I’m incredibly proud of what we are achieving. Channel 4’s purpose has never been more vital, and I leave confident that the organisation will continue to disrupt, challenge and drive the national conversation for years to come. It is a noisy, vital and extraordinary part of the public service media ecosystem and it has been the privilege of a lifetime to lead it.”Mahon will step down in July and Chief Operating Officer Jonathan Allan will take over as Interim CEO.Allan said: “We’ve made great strides in reshaping Channel 4 into a future-facing public service streamer. Our streaming growth and digital innovation are outpacing the market, with disciplined financial management and bold content investment. The momentum is real, and I’m excited for the future.”As part of its long-term plan to diversify revenues and strengthen support for the UK creative sector, Channel 4 also announced a new plan to invest in Intellectual Property (IP) ownership. This twin-track approach incorporates a phased move into in-house production and the launch of Channel 4’s new Creative Investment Fund. These changes are accompanied by an increased indie quota from 25 per cent to 35 per cent, and a range of safeguards. The plan can be further read about here.Dawn Airey, Interim Chair, Channel 4, said: “Channel 4 is in a strong position. Fast Forward is delivering and we have an exceptional team in place to build on that success. Alex leaves a more dynamic and resilient organisation, and under Jonathan’s leadership, I have absolute confidence in Channel 4’s ability to grow, invest and innovate for the future – embracing new opportunities without losing sight of our founding public purpose.”Channel 4 reported total revenues of £1.04 billion (€1.23bn) in 2024, with digital advertising hitting £306 million – achieving its 2025 target of 30 per cent digital revenues a year early. Non-linear revenues now account for 39 per cent of the total, reflecting strong progress in its Fast Forward transformation. A focus on operational efficiency reduced the pre-tax deficit before exceptional items by £50 million to just £2 million. The organisation closed the year with £111 million in cash and no debt drawn.£643 million was invested in content, including £489 million in originated UK programming – representing 62 per cent of total revenue and a higher proportion of spend than any competitor. Nations and Regions spend rose 4 per cent to £200 million, reinforcing Channel 4’s commitment to creative investment across the UK.Channel 4’s streaming performance saw views up 13 per cent to a record 1.8 billion and streaming now accounting for 18 per cent of total viewing – significantly ahead of other UK commercial PSBs. The platform also maintains the youngest audience profile, with 16-34-year-olds making up nearly a quarter of all viewing.On social platforms, UK YouTube views rose 26 per cent to 340 million, with full-episode viewing up 169 per cent. Youth-focused channel Channel 4.0 doubled its views, while new growth on TikTok and Instagram highlighted the success of its social-first strategy.Channel 4 has also announced a move to become the first UK broadcaster to bring video programming to Spotify.Channel 4’s Annual Report 2024 was welcomed by Ofcom, which highlighted a ‘solid performance’ across linear and streaming, and noted strong delivery on innovation, distinctiveness and creativity.Ofcom also commended Channel 4’s progress under Fast Forward and its growing engagement with younger audiences, stating: “The latest phase of Channel 4’s evolution presents opportunities […] to lead the organisation in connecting with a new generation of viewers and strengthening Channel 4’s position as a highly distinctive and risk-taking broadcaster.”
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