Channel 4 Deficit Will Be “Pretty Much Flat” In 2024, Alex Mahon Reveals

Channel 4‘s deficit will return to being flat for 2024 following a record 2023 in which it hit £50M ($64M), Alex Mahon has revealed.

The Channel 4 annual report will reveal more in the coming months but the network’s boss told a committee hearing today “we are pretty much on a flat deficit [for 2024] so that’s positive,” while she said revenues will be up around 1% for full-year 2024.

Channel 4 bosses had previously forecast a small deficit for 2024. Mahon was bullish when comparing Channel 4’s recent performance with rivals. She pointed to the BBC’s whopping £492M deficit for 2024/25, which has since been revised down, along with ITV revenues dropping 3%. Channel 4 spends 62% of its budget on shows, Mahon said, around 10% higher than rivals.

“But perhaps most importantly we grew our performance with audiences,” Mahon added, pointing to streaming views rising 15%, double that of Netflix, which has been attracting plaudits this month due to Adolescence. “To double the performance [of Netflix] in terms of viewing is excellent so I’m pleased we protected content investment and particularly in the nations and regions.”

The Channel 4 figures relate to an improved 2024 following an extremely difficult 2023 that saw a record deficit, a mini revolt from angry producers, content boss Ian Katz forego his bonus and subsequently a 250-staff layoff plan.

Channel 4 Productions

Mahon revealed Channel 4 will detail how it intends to set up a production arm over the next quarter, which will include “hiring some people.”

Channel 4 was given the power to produce its own shows for the first time when it avoided privatization in late 2022