Channel 4 is to leave its iconic London HQ as part of an extensive cost-cutting process which will also see the loss of around 200 staff posts.
The publicly owned broadcaster, which last year saw off a government attempt to sell it, has been hit by a significant fall in advertising revenue – its main source of income.
It’s already delayed some content recommissions and dropped other shows but has now set out plans to become “an agile, genuinely digital-first public service streamer by 2030.”
Dubbed ‘Fast Forward’, the five-year strategy will see Channel 4 put more money into drama, high-end documentaries, comedy and reality – genres it says will “drive streaming growth”.
The plan also calls for a “ruthless focus on cut-through with fewer, stronger new titles that generate more scale and impact,” and a transformation of the Channel 4 streaming platform by harnessing “outsourced technology that delivers a step-change in the user experience for viewers and advertisers.”
There will also be a goal of doubling the number of subscribers to Channel 4+, the streaming platform’s ad-free tier, by 2030 and greater use of FAST channels “to give viewers access to more of their favourite content online”.
Smaller linear channels which “no longer deliver revenues or public value at scale” will be axed and the business will locate to new office space in central London, reflecting both the job cuts and its success in basing hundreds of staff outside the capital.
In addition, Channel 4 will explore how changes in the government’s Media Bill to allow it to own shows and their intellectual property could support its growth plans.
CEO Alex Mahon said: “Our new strategy will accelerate our digital transformation – building on 2020’s Future4 strategy and our founding public service principles – so Channel 4 remains a trusted, disruptive and distinctive brand into the 2030s, offering brilliant shows that people love and that matter.
“We are genuinely excited about the future. Channel 4 means something to British people – we are trusted, we are a beacon for quality, we stand out for fresh and exciting ideas that matter and will be even more important in a crowded landscape of global content.”
She added: “I am very sad that some of our excellent colleagues will lose their jobs because of the changes ahead. But the reality of the rapid downshift in the UK economy and advertising market demand that we must change structurally.”