Independent Production Sector Financial Census and Survey 2014 July 2014

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1 Independent Produc June 2013 Independent Production Sector Financial Census and Survey 2014 July 2014 A report by Oliver & Ohlbaum Associates Ltd for Pact

2 Contents Section 1: Summary Section 2: Revenue growth and profitability Section 3: UK commissioning trends Section 4: International and rights revenues Section 5: Sources of additional finance 2

3 Summary 2013 was another strong year for UK indies - sector revenues up 8.1% to just over 3bn The UK independent sector is benefiting from a return to growth in UK spending on top of continued market share growth in overseas markets Signs of a strong recovery in independent producers revenue from UK commissioning has boosted growth, with sector revenues up by 8.1% Revenue from primary UK commissions increased for the second consecutive year. There was continued growth in overseas activities and international sales of UK finished programmes, driving total sector income to just over an estimated 3bn Headline rates of growth in international revenues have picked up again and the position of UK indies overseas continues to grow, helping to push the UK indie sector to a higher level of income as the UK market recovers Despite strong growth in revenues, sector margins remain under pressure, with average net margins showing signs of recovery for the first time in three years At 939m, international revenues grew by 12% in 2013 and account for 31% of total sector revenues UK rights income fell for the first time in six years in There was continued, but moderate, growth in international sales of finished UK programmes, demonstrating the continuing attractiveness of UK IP in overseas markets Overall UK-derived rights revenue fell to an estimated 303m in 2013, down from 336m in the previous year with the reduction mainly attributable to falling UK secondary rights revenues The contribution of indies to programme finance has remained stable through the recession at around 200m per annum. The distribution of commissioning spend across different sizes of indies shifted back in favour of smaller and mid-sized indies in Channel 4 and Channel 5 were the networks increasing their proportion of spending with smaller indies 3

4 Summary Approach and methodology The census report is based on financial returns from Pact s membership, providing a sample-based analysis of how the financial performance of the independent production sector has evolved since 2004 The Pact financial census is now in its ninth year, providing an estimate of key trends within the UK independent production sector based on financial information provided by Pact members. The census was conducted between March and May 2014, with the data gathered representing the last two financial years (2012 & 2013). Pact 2014 financial census The Pact financial census is now in its ninth year having been conducted annually for all but one year since 2004 With the exception of 2005, when no census was taken, the Pact census has provided an annual summary of the sector s financial performance starting from 2004 The census is based on financial returns provided by Pact members to provide a representative sample of the UK independent production sector Responses were up-weighted based on a segmentation of companies by turnover band For the 2014 census, the turnover band ranges (used in grossing up the sample responses to provide an estimate for the overall industry) have been kept consistent with the restatement methodology introduced in completed responses were received, with many larger production companies reporting at a group level, and respondents within the 2014 sample totaling 1.83bn of industry turnover (up from 1.77bn in the 2013 census) Due to different company reporting periods, the annual census returns include financial information spanning 2012 and

5 Contents Section 1: Summary Section 2: Revenue growth and profitability A continued return to growth over the period UK primary commissioning revenue bounce back continues Growth in non-tv activities driven by new media Sector profitability stable overall, with some sub-segments showing strong recovery in margins Section 3: UK commissioning trends Section 4: International and rights revenues Section 5: Sources of additional finance 5

6 Revenue growth and profitability Summary Revenue from primary UK commissions increased for the second consecutive year, while international income continues to drive incremental growth The 2014 census returns show strong growth across the UK independent production sector as domestic commissioning spend has recovered for a second consecutive year through FY The scale of recovery in commissioning spend suggests that part of the growth is driven by increased broadcaster investment from 2011 onwards coming through in the FY2012 and FY2013 results As a consequence, our estimate for overall sector size continues to show healthy growth reaching 3.01bn in Sector average net margins recovered slightly in 2013 but remain low relative to historical data from previous census reports The UK independent sector recorded strong headline growth in FY2013, driven by a continued recovery in UK commissioning spend The overall size of the industry in 2013 reached just over 3bn for the first time, with revenues from TV contributing 92% of all sector income (broadly in line with previous years) The high level of sector growth was mainly driven by a continued recovery in reported UK commissioning spend and continued growth in international income TV-related income continued to grow across a number of sources while growth in non-tv income was driven by new media activity Income from UK primary commissions showed continued growth in 2013 for the second consecutive year The effect of increased broadcaster spending on independent commissions from 2011/2012 onwards has now filtered through to the 2012 and 2013 census results with respondents reporting significant increases in UK primary commissioning revenues International activities showed a new increase in growth with overseas income becoming increasingly significant Reflecting on the on-going international expansion of the UK s independent sector, revenue from rights exploitation & international activities has grown for the sixth year in succession Revenues from international subsidiaries and overseas commissioning grew by 95m (a 14% increase on 2012), from 670m to 765m while revenue from sales of UK programming abroad showed modest growth at 3% year on year, up from 152m to 156m Sector average margins showed signs of recovery but remain under pressure Overall sector net margins across the survey responses rose for the first time in three years, up slightly from 5.0% in 2012 to 5.3% in 2013 However, some companies have fared better. All turnover bands showed an increase in margins apart from the 25-70m turnover band which dampened total sector margin recovery 6

7 Revenue growth and profitability A continued return to growth over the period The UK independent sector is sustaining a return to strong year on year growth post recession Independent producer revenues by TV and non-tv activities million 3,500 REVISED METHODOLOGY Compound Annual Growth Rate (CAGR) ,000 2,788 3, NON TV-REVENUE* 32.1% 5.2% 19.0% 200 2,500 2,000 1,500 1, , , ,190 2, , , ,588 2,779 TV REVENUE 8.3% 3.2% 11.7% 1,000 1,492 1,753 1,894 2,016 1,999 2,145 2, ( ( (2007/ (2010 Census (2010 Census - restated) - restated) 2010 ( ( ( (2014 *Non-TV revenues includes corporate production, new media and other non-tv activities such as online publishing, talent management, promotions, public relations &, feature films. Source: Oliver & Ohlbaum analysis, Pact census 7

8 Revenue growth and profitability UK primary commissioning revenue bounce back continues There has been continued growth in UK primary commissions in 2013, although at a lower rate than in 2012 international revenues continue to grow. UK rights income has contracted Independent producer TV-related revenues* million REVISED METHODOLOGY CAGR ,000 2,500 2,000 1,500 1, , , ,227 2, , , , , OTHER UK PRE-PRODUCTION OTHER INT L INCOME* 6.9% 6.6% (23.0%) 39.0% 13.0% (9.0%) 1.1% 22.0% - INT L SALES OF UK FINISHED PROGRAMMES* 20.0% UK RIGHTS INCOME* 4.7% 6.7% 1, , ,356 1,247 1,539 1,668 PRIMARY UK COMMISSIONS 5.5% 2.0% ( ( (2007/ (2010 Census - restated) 2009 (2010 Census - restated) 2010 ( ( ( (2014 *Definitions: Other international income - revenue from companies overseas operations and any primary commissions received from non-uk broadcasters; Int l sales of UK finished programmes - sales of first run UK programming sold as finished product abroad; UK rights income UK secondary sales, publishing, formats, DVD sales etc. Source: Oliver & Ohlbaum analysis, Pact census 8

9 Revenue growth and profitability Growth in non-tv activities driven by new media Non-TV revenues showed strong signs of growth driven by new media investment in the wider UK A/V industry. Activities including online publishing, talent management, promotions and PR continue to deliver significant revenues Non-TV Revenues broken down REVISED METHODOLOGY million CAGR % 6.3% OTHER* 37.9% 2.3% ( ( (2007/ (2010 Census (2010 Census - restated) - restated) ( ( ( (2014 NEW MEDIA** CORPORATE*** 27.1% 14.7% 0.0% 0.8% * Other includes online publishing, talent management, promotions, public relations & feature films. Figures are particularly sensitive to specific company performance and M&A activity. ** New Media includes websites, apps and additional content for online services *** Corporate includes B2B, promotional and educational material and similar not produced for public television Source: Oliver & Ohlbaum Analysis, Pact census 9

10 O&O / Pact Financial Census Oliver & Ohlbaum Associates Ltd / Pact 2014 Revenue growth and profitability Sector profitability stable overall, with some sub-segments showing strong recovery in margins There has been strong recovery in margins for most turnover bands, although sector average net margins improved only slightly in 2013 Net margins, 2004 to 2013 Distribution of industry profitability by company turnover band* Percent 14% 13.0% 18.0% 16.0% 15.9% 16.7% % 10% 8% 6% 4% 2% 7.0% 8.4% 9.3% 8.0% 8.5% 6.7% 5.0% 5.3% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% % % 12.1% % 11.0% 10.6% 9.9% 9.4% 9.1% 8.5% 6.1% 5.5% 5.7% 5.4% 5.5% 5.0% 4.8% 4.4% 3.7% 3.9% 3.6% 3.3% 2.2% 1.1% 7.2% 7.5% 5.6% 4.9% 3.9% 1.0% 6.6% 6.2% 2.9% 0% 0.0% less than 1m 1-5m 5-10m 10-25m 25-70m 70m+ -2.0% -1.2% -4.0% *Note: Companies in the 10-25m and 25-70m brackets have tended to be part of larger groups with greater potential for overhead sharing Source: Oliver & Ohlbaum analysis, Pact census 10

11 Contents Section 1: Summary Section 2: Revenue growth and profitability Section 3: UK commissioning trends The largest indies take a smaller share of UK commission spend Reported income from UK primary commissions shows continued recovery in 2013 Smaller and mid-sized indies increasing their share of external commissions Commercial PSBs favouring returning series Increasing emphasis on factual entertainment and drama spending Section 4: International and rights revenues Section 5: Sources of additional finance 11

12 UK commissioning trends Summary The sustained growth in UK commissioning spend in 2013 reflects increased broadcaster investment in producers accounts The four main PSB networks continue to dominate primary commissioning. Most growth is now coming from non-network spending Multichannel commissioning plays an important role in sector growth, with spend increasing by 59% year on year to 381m in 2013 (up on previous year on year growth of 47%) The main beneficiaries of this growth appear to have been large indies in the 25-70m turnover bracket. At the same time there seems to have been a shift away from spending on the largest indies ( 70m+) in particular BBC share falling from 59% to 46%, Channel 5 s falling from 72% to 39% and multichannel share falling from 40% to 24% Indies reporting a strong recovery in UK commissioning spend for the second year running The four main terrestrial network groups (the BBC, ITV, C4 and C5 plus their spin offs) accounted for an estimated 77% of UK TV primary commissions to the independent sector. Although networks continue to be the main source of spend on commissions, this continues the downwards trend in network share of spend since 2010 Overall, commissioning spend grew strongly, reflecting investment in schedules since 2011 Spend on companies with a turnover greater than 70m has decreased, whereas there has been an increase in commissioning spend overall with companies with a turnover between 25-70m A greater proportion of spending is placed with smaller and mid-sized indies After last year s swing towards spending on smaller and medium sized indies (those with turnover less than 25m per annum) most broadcasters have continued this trend into Channel 4 and Channel 5 have seen an increased proportion of spending on smaller indies (i.e. less than 25m turnover), the BBC has not While initial strong growth in the commissioning spend was mirrored across all of the main broadcaster segments in 2012, the main driver of growth in 2013 is non-network investment Based on the 2014 census returns, the estimated combined UK commissioning spend from the BBC and the three main commercial network groups (ITV, Channel 4, Channel 5) with independent producers was down slightly in 2013 by 13m compared to the previous year Within this, only Channel 4 saw an increase in spending while all other network spending reported by respondents contracted The expected growth in multichannel commissioning is also now being seen in the census returns, with this segment growing rapidly from 240m in 2012 to 381m in 2013 New media spending also saw significant growth reaching 93m in 2013 up from 34m in

13 Primary commisions analysis for PACT CONFIDENTIAL UK commissioning trends The largest indies take a smaller share of UK commission spend The largest indies share of UK commission spend has declined over the last year. The indies in the 25-70m turnover bracket have gained the most from this shift in spend Share of spend on UK externally produced primary commissions segmented by turnover band of producer, 2008 to 2013 Percent Less than 1m 1-5m 5-10m 10-25m m m Note: *Primary commissions expenditure data excludes all expenditure on news and sports programmes and rights but includes expenditure on all regional and nations and regions programmes Source: Ofcom Communications Reports, BARB, Company reports, O&O / Pact Census, Oliver & Ohlbaum analysis 13

14 UK commissioning trends Reported income from UK primary commissions shows continued recovery in 2013 The sector has benefited further from increased multichannel and new media investment flowing through from broadcasters following the strong recovery in PSB commissioning in 2012 Value of UK Commissions by Broadcaster (Including new media)** million 2,000 REVISED METHODOLOGY 1,761 CAGR % 2.4% 1,500 1, ,232 1, % 85% 1, , % 87% 1,456 1, % 86% 1, OTHER 82% 1, % 77% NEW MEDIA MULTICHANNEL 3 MAIN COMMERCIAL NETWORK GROUPS* 26.9% 13.0% (12.1%) % 19.3% 2.5% (0.8%) BBC NETWORK GROUP* 5.3% (1.3%) ( ( (2007/ (2010 Census (2010 Census restated) restated) 2010 ( ( ( (2014 * Includes spin-off channels; **Total value of commissions derived from Primary UK commissions on slide 8 combined with New media and other revenues Source: Oliver & Ohlbaum analysis, Pact census 14

15 UK commissioning trends Smaller and mid-sized indies increasing their share of external commissions Smaller and mid-sized indies (except those in the 1-5m turnover band) are the main beneficiaries of the return to growth in UK commissioning spend. All broadcasters spent less with indies in the 70m+ bracket, ITV s share of spend was stable External commissions by UK broadcaster split by company turnover band, 2008 to 2013 % of spend on producers included in census 100% 1% 2% 1% 1% 1% 2% 2% 2% 6% 6% 7% 6% 2% 3% 2% 1% 5% 1% 6% 2% 5% 3% 1% 6% 2% 6% 5% 13% 5% 14% 2% 4% 2% 5% 90% 18% 7% 14% 20% 2% 13% 11% 4% 10% 16% 16% 4% 20% 80% 11% 32% 35% 37% 9% 23% 23% 70% 21% 48% 21% 22% 15% 16% 33% 60% 8% 7% 70% 51% 18% 55% 50% 25% 59% 51% 40% 30% 20% 10% 52% 58% 61% 59% 53% 46% 10% 35% 30% 19% 22% 24% 21% 55% 58% 45% 60% 72% 39% 1% 3% 4% 3% 1% 6% 3% 7% 4% 6% 5% 14% 17% 9% 11% 24% 14% 19% 32% 20% 20% 6% 64% 64% 61% 62% 62% 57% 4% 5% 7% 3% 4% 5% 10% 47% 8% 18% 9% 44% 49% 17% 30% 24% 26% 1% 11% 4% 6% 11% 21% 25% 22% 26% 53% 44% 40% 24% Less than 1m 1-5m 5-10m 10 25m 25-70m 70m+ 0% BBC C4/S4C C5 ITV OTHERS Source: Oliver & Ohlbaum Analysis, Pact census (2008 figures restated using returns from 2010 census ) 15

16 UK commissioning trends Commercial PSBs favouring returning series The general trend for returning series has continued in 2013, although the value share of new commissions versus returning series has increased slightly this year UK Commissions Value by Broadcaster- New Commissions and Returning Series* % of spend on producers included in census % ESTIMATED PRIMARY RIGHTS SPEND 90% 80% 70% 60% 50% 64% 65% 71% 73% 66% 66% 68% 65% 66% 73% 81% 79% 51% 57% 82% 59% 78% 85% 69% 76% 79% 81% 90% 92% 47% 45% 41% 42% 53% 61% RETURNING SERIES 40% 30% 20% 10% 0% 36% 35% 34% 34% 35% 29% 32% 34% 27% 27% 19% 21% 49% 43% 18% 41% 22% 15% 31% 24% 21% 19% 10% 8% 53% 55% 59% 58% 47% 39% NEW COMMISSION BBC C4/S4C C5 ITV OTHERS *2008 figures restated using returns from 2010 census Source: Oliver & Ohlbaum Analysis, Pact census 16

17 UK commissioning trends Increasing emphasis on factual entertainment and drama spending There has been a decline in spend on factual, entertainment, lifestyle and children s programmes while spend on factual entertainment has increased and drama has remained stable Value of UK Commissions by Genre REVISED METHODOLOGY % of spend on producers included in census 100% 90% 80% 70% 60% 7% 5% 2% 5% 4% 7% 7% 6% 5% 3% 3% 4% 3% 4% 2% 3% 8% 4% 4% 4% 4% 7% 4% 3% 3% 5% 7% 10% 7% 7% 11% 9% 13% 12% 15% 8% 20% 16% 14% 13% 13% 13% 13% 12% 17% LIFESTYLE CHILDREN S OTHER FACTUAL FACTUAL ENTERTAINMENT 50% 22% 23% 26% 28% 32% 28% 37% 34% ENTERTAINMENT 40% 24% 30% 20% 10% 27% 34% 33% 41% 37% 32% 34% 28% 31% DRAMA 0% 2004 ( (2007 Source: Oliver & Ohlbaum Analysis, Pact census 2007 (2007/ (2010 Census - restated) 2009 (2010 Census - restated) 2010 ( ( (2013 Cenus) 2013 (

18 Contents Section 1: Summary Section 2: Revenue growth and profitability Section 3: UK commissioning trends Section 4: International and rights revenues International revenues continue to be a strong source of growth Rights income down overall, driven by a reported reduction in UK secondary sales Section 5: Sources of additional finance 18

19 International and rights revenues Summary Diversification across international markets continues to provide strong returns for UK indies in commissioning and rights income, but UK secondary rights income is under significant pressure Growth in international commissioning revenues continued in 2013, reaching an estimated 640m (up from 589m the previous year) International sales of UK finished programmes remained steady, up slightly in 2013 reaching 156m compared to 152m in 2012 After consecutive years of growth, total rights income derived from UK content saw a decline for the first time in seven years falling to 303m in 2013, down from 336m in 2012, driven by a significant reduction in reported income from UK secondary sales Following a slight slowdown in growth in 2012, headline revenue from international activities picked up again in 2013 Primary international commissions (including subsidiary revenues) grew to 640m in 2013, driven by sustained success in leading overseas markets and the maturation of subsidiary acquisitions over the last few years Rights sales into international markets continues to grow, reflecting a continuing interest and appetite for UK sourced IP Sale of UK finished programmes to international broadcasters slowed in 2013, but still continued to provide a source of growth for the indie sector for the sixth year in a row to reach an estimated 156m in 2013 Overall, rights revenue fell to 303m in 2013, down from 336m in the previous year Income from rights-related revenue streams fell for the first time in seven years This was mainly down to a fall in secondary UK sales International markets for UK rights trading have increased in importance as the revenue generated from sales of UK secondary TV rights has declined for the third year in succession 19

20 International and rights revenues International revenues continue to be a strong source of growth Diversification across multiple national TV markets continues to deliver strong dividends for the UK independent sector in terms of production revenues and rights growth Breakdown of International TV Revenue million REVISED METHODOLOGY CAGR NON-TV INT L SALES OF UK FINISHED PROGRAMMES PRE PRODUCTION OTHER INTERNATIONAL INTERNATIONAL RIGHTS INCOME PRIMARY INTERNATIONAL COMMISSIONS (including subsidiaries) 16.0% 22.4% % % % 12.7% (0.7%) (2.5%) 25.2% 16.6% 22.2% ( ( (2007/ (2010 Census (2010 Census - restated) - restated) 2010 ( ( ( (2014 Source: Oliver & Ohlbaum analysis, Pact census 20

21 International and rights revenues Rights income down overall, driven by a reported reduction in UK secondary sales A reported reduction in income from UK secondary rights has offset growth in international rights trading to leave total estimated rights income c.10% lower than in 2012 Revenues from UK content rights by category between 2007 Census and 2014 Census* Percent 100% 90% 80% 70% 60% 50% REVISED METHODOLOGY 142m 146m 169m 185m 240m 284m 336m 303m 3% 1% 3% 2% 1% 1% 1% 3% 7% 2% 3% 2% 1% REPEAT USE OF PROGRAMMING 2% 6% 4% 3% OTHER MERCHANDISING 3% 1% 7% 6% 7% 3% 4% 12% 8% 6% 2% 2% 3% 14% OTHER** 4% 2% 3% 1% 2% 7% 7% 4% 4% 6% 3% MOBILE 2% 2% 14% 12% 2% 1% 2% 5% FORMATS 6% 4% 5% NEW MEDIA 10% 11% 6% 1% PUBLISHING 3% DVD & VIDEO SALES 7% DISTRIBUTION ADVANCE 18% 9% 13% 26% 46% 42% 40% 40% 30% 25% 19% 37% 38% 45% 51% INTERNATIONAL FINISHED PROGRAMME SALE 20% 10% 0% 25% 24% 2006 ( (2007/08 17% 15% 2008 (2010 Census - restated) 2009 (2010 Census - restated) 30% 29% 2010 ( ( % 2012 (2013 9% 2013 (2014 UK SECONDARY TV SALES *This section refers to the following combined figures as detailed on slide 8 UK rights income and Int l sales of UK finished programmes sales ** Other includes advertising, PRTS, and other activities such as music publishing, live events, gambling, product integration, ancillary & digital rights and cable relay Source: Oliver & Ohlbaum analysis, Pact census 21

22 Contents Section 1: Summary Section 2: Revenue growth and profitability Section 3: UK commissioning trends Section 4: International and rights revenues Section 5: Sources of additional finance Reported investment in production finance shows no significant year on year change 22

23 Sources of additional finance Reported investment in production finance shows no significant year on year change The circa 200m that indies bring into production has been sustained for another year. Indies estimated contribution has remained stable over the last five years. Estimated value of contribution to productions, 2013 Estimated value of contribution to productions, million million m m m m m m m 75-85m m Gap finance* Co-production Partners Total R&D Total estimated range Source: O&O analysis, Pact census and estimates Notes: Gap finance is defined as where the primary commission is less than the direct costs of the programme. 23

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