The Evolution Of The TV Content Production Sector - Ofcom
The evolution of the TV content production sector A discussion document Prepared for Ofcom by Oliver & Ohlbaum Associates Ltd September 2014
The TV content production sector CONFIDENTIAL Introduction Definitions and caveats Data on the UK external and UK independent production sector The data on the UK indie production sector includes data for non-qualifying independents, i.e. previously independent productions groups who are now owned by broadcasters (such as Shed, Shine and Carnival). This is to maintain consistency between data sources over time and the available breakdown of data from public sources. The indie data does not include external production by traditional broadcaster production units for other broadcasters (such as ITV Studios, BBC Production) The report uses the following definitions and distinctions for external content production: External production Output produced both by indies and by a broadcaster related production house for another broadcaster (NBCU, Sony, Discovery, ITV etc) Non-qualifying independent Previously independent super indie production groups now part of a broadcaster related group (Shed and Shine) Future non-qualifying independent Recently purchased super indie production groups that will now be part of a broadcaster related group (All3Media, Endemol) Programmes made within 2 years of being commissioned retain independent status if an independent production company loses its qualifying status after commissioning has taken place 2
Contents The evolution of the UK TV content production sector Appendix - Main trends in originated output - The UK external sector - Terms of Trade 3
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector The independent sector has experienced a significant increase in revenues The UK indie sector showed strong growth up until 2008. The recession put pressure on UK commissioning budgets with indies relying on international revenues. UK commissioning bounce back in 2012 boosted total sector income Independent producer TV-related revenues* REVISED METHODOLOGY CAGR million 3,000 2,588 2 41 2,500 2,000 1,500 1,527 46 16 215 103 1,732 16 32 351 1,867 21 43 310 2,016 22 38 279 63 107 28 118 1,999 17 32 369 70 115 2,145 27 26 495 87 154 2,227 18 25 2,779 14 40 755 OTHER UK PRE-PRODUCTION OTHER INT’L INCOME* 2004 - 07 2008 - 13 6.9% 6.6% (23.0%) 39.0% (9.0%) 1.1% 13.0% 22.0% 670 - 652 156 152 147 INT’L SALES OF UK FINISHED PROGRAMMES* UK RIGHTS INCOME* 4.7% 20.0% 6.7% 185 119 165 36 107 1,000 500 1,147 1191 2004 (2005 Census) 2006 (2007 Census) 1347 1508 1395 1,539 1,356 1,668 PRIMARY UK COMMISSIONS 5.5% 2.0% 1,247 0 2007 (2007/2008 Census) 2008 2009 (2010 Census (2010 Census - restated) - restated) 2010 (2011 Census) 2011 (2012 Census) 2012 (2013 Census) 2013 (2014 Census) *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 4
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector TV exports have seen significant growth Following the introduction of Terms of Trade there was an initial significant boost to TV exports followed by healthy growth in more recent years. Index (1998 100) 2008-2012 CAGR 9% 593 600 570 523 Terms of Trade Introduced 500 464 425 2004-2008 CAGR 22.2% 400 340 277 300 230 1998-2003 CAGR 12.6% 200 100 108 1998 1999 121 139 148 2001 2002 181 191 2003 2004 100 0 2000 Source: BTDA / TRP / UKTI / PACT, Oliver & Ohlbaum analysis 2005 2006 2007 2008 2009 2010 2011 2012 5
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector There has been some consolidation of mid-tier indies There was some consolidation into mid-tier indies up until 2010/11. The distribution of companies has remained stable in more recent years Distribution of number of indie companies by turnover brackets – 2008-2013 Per cent Some consolidation of smaller 100% companies into mid tier 90% Small amount of consolidation at top 80% 55% 70% 53% 52% 50% 50% 50% 1-5m 16% 15% 15% 5-10m 20% 22% 22% 10-25m end of the sector 60% 50% 40% 21% 21% 19% 30% 20% 10% 0% #Indies* 17% 12% 15% 6% 6% 7% 9% 9% 9% 25-70m 5% 5% 5% 4% 4% 4% 70m 2008 2009 2010 2011 2012 2013 140 141 122 137 152 152 *In addition to the companies above, we estimate there are circa 500 small prodcos with a turnover of less than 1m Source: Broadcast Magazine, Oliver & Ohlbaum analysis 6
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector The sector has attracted external investment, now consolidated in trade buyers There has been a much higher concentration into non-qualifying ownership than vice versa. Prior to 2008 most consolidation did not affect indie status as this was indies buying other indies, creating the so called “super indies” SONY Victory Television, Left Bank Pictures* DISCOVERY Betty TV NONQUALIFYING DISCOVERY/LG All3Media ITV So Television, Big Talk**, The Garden Productions ITV 12 Yard 21 CF Shine 21 CF/Apollo Endemol TIME WARNER Shed Programmes made within 2 years of being commissioned retain indie status if an indie prodco loses its qualifying status 2006 NBCU Carnival Films 2007 2008 SKY Love Productions NBCU Monkey Kingdom, Working Title, Lucky Giant, Chocolate Media 2009 2010 2011 2012 2013 2014 RTL Fremantle QUALIFYING Source: Oliver & Ohlbaum analysis BBCWW Left Bank Pictures*, Hardy & Sons, Cliffhanger Productions, Clerkenwell Films, Baby Cow, Big Talk**, Sprout Pictures All3Media Cactus TV *BBCWW retains a smaller minority share in Left Bank Pictures after it was sold to Sony **BBCWW sold stake in Big Talk 2013 when purchased by ITV 7
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector Revenue is concentrated among the biggest indies The top 6 indie production companies represent almost 45% of total revenues Indie revenues by turnover band – share of revenue and number of companies - 2013 Total indie revenue bn 3.5 3 1m 1-5m 2.5 1025m 5-10m 2 25-70m 1.5 1 70m 0.5 0 Number of indie companies Source: Broadcast Magazine, Oliver & Ohlbaum analysis 8
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector Increased share of UK commission spend, smaller indies are claiming more share The largest indies’ share of UK commission spend has declined over the last year, i.e. the so called “super indies” with more than 70m in turnover. 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 turnover band of producer, 2008 to 2013 Percent Less than 1m 100% 3% 5% 90% 13% 0% 4% 0% 6% 7% 2% 0% 3% 4% 0% 6% 0% 4% 1-5m 3% 6% 5-10m 16% 14% 10-25m 40% 25-70m 37% 70m 10% 11% 80% 29% 70% 32% 60% 36% 29% 33% 23% 50% 40% 30% 46% 20% 44% 46% 47% 40% 10% 0% 2008 2009 2010 2011 2012 2013 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 9
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector Indies have been able to generate secondary revenues on rights retained Indies (including currently qualifying indies and current and future non-qualifying indies) generate approximately 300m in content rights from UK commissions. Indie revenues from UK content rights by category - 2013 Illustrative revenue windows for UK content rights 303m 1% 1% 3% REPEAT USE OF PROGRAMMING OTHER MERCHANDISING 14% OTHER* 80% 0% 5% 70% 5% 1% 3% MOBILE FORMATS NEW MEDIA PUBLISHING DVD & VIDEO SALES 7% DISTRIBUTION ADVANCE 100% 90% 60% 1st TX Primary licence commercial holdback (typically 2 years, can be longer) DTO (from TX 7; May be TX 1 in some cases) DVD release (tends to be seasonally driven) 50% SVoD release 40% 51% INTERNATIONAL FINISHED PROGRAMME SALE UK secondary release 30% 20% 6 12 18 24 36 Months 10% 9% UK SECONDARY TV SALES 0% * ‘Other’ includes advertising, PRTS, and other activities such as music publishing, live events, gambling, product integration, ancillary & digital rights and cable relay Source: Pact census, Oliver & Ohlbaum analysis 10
The TV content production sector CONFIDENTIAL The evolution of the UK TV content production sector Indie sector profitability has seen some recovery, but remains challenging Sector average net margins improved only slightly in 2013 Net margins, 2004 to 2013 Percent 14% 13.0% 12% 10% 9.3% 8.5% 8.4% 8.0% 8% 7.0% 6.7% 6% 5.0% 5.3% 4% 2% Source: Pact census, Oliver & Ohlbaum analysis 2013 2012 2011 2010 2009 2008 2007 2006 2004 0% 11
Contents The evolution of the UK TV content production sector Appendix - Main trends in originated output - The UK external sector - Terms of Trade 12
The TV content production sector CONFIDENTIAL Trends in originated output Growth in spend on UK content has been modest in recent years There has only been modest growth in spending on UK content since 2009. This growth has been on the back of increased multichannel spend on UK content rather than PSB spend, although PSBs remain the main spenders Spend (incl news and sport*) on UK content by main PSB networks and multichannels – 2009-2013 m CAGR 2009-13 3,500 3,079 3,000 2,925 2,825 122 367 522 124 MC SECONDARY RIGHTS 7.2% 597 MC FIRST RUN COMMISSIONS 11.4% 153 PSB SECONDARY RIGHTS (5.0)% PSB FIRST RUN COMMISSIONS 0.4% 540 387 200 187 196 2.0% 3,062 103 94 2,500 122 3,157 173 2,000 1,500 1,000 2,157 2,255 2,239 2,323 2010 2011 2012 2,188 500 0 2009 2013 * Sport excludes rights for multichannels, inlcudes rights for PSBs Source: Ofcom broadcaster returns, COBA, O&O analysis 13
The TV content production sector CONFIDENTIAL Trends in originated output PSB spend on content has been cut back PSBs have been cutting back on programme spending across the board Content spend by main PSB networks (incl news and sport)– 2008-2013 m CAGR 2008-13 3,000 2,798 2,700 289 2,500 196 2,620 2,581 244 238 200 185 196 2,656 (2.2)% 160 2,504 173 163 ACQUISITIONS (10.8)% 153 REPEATS (4.9)% 1,062 FIRST RUN EXTERNAL COMMISSIONS (0.9)% 1,127 FIRST RUN IN-HOUSE COMMISSIONS (1.3)% 187 2,000 951 1,111 1,006 1,030 1,058 1,500 1,000 1,304 1,202 1,151 2008 2009 500 1,209 1,265 2011 2012 0 Source: Ofcom broadcaster returns 2010 2013 14
The TV content production sector CONFIDENTIAL Trends in originated output Total originated first run output has decreased First run output hours have also declined although with some recovery over the last year. Genre focus has changed in favour of factual entertainment and factual. The cost per hour has been largely static apart from a dip in 2010 First run origination hours (excl news and sport), 2006-2013 All day – by channel Hours 12,269 12000 1505 12,269 11,393 1657 10000 2142 11,500 11,432 10,906 860 12000 1228 Channel 5 1185 2353 1942 10000 2094 Channel 4 2289 8000 8000 3674 3232 6000 All day – by genre Hours 3868 3541 ITV1 3169 6000 11,393 11,432 920 827 589 1,174 1,274 384 1,086 829 118 1,064 1,288 1,198 1,370 1,391 1,713 1,466 1,632 Current Affairs* 2,551 2,576 2,719 Fact Entertainment 3,226 3,483 3,545 Entertainment 2010 2012 2013 1,262 2,048 1,317 1,404 4000 2702 2207 1997 1943 2091 BBC2 2246 2355 2355 2321 2546 BBC1 2006 2008 2010 2012 2013 147 129 145 141 2,298 4000 2000 2000 11,500 915 4,401 3,826 10,906 Other 741 Children’s 87 1,191 Drama 1,586 Factual 0 0 Cost per hour K 2006 2008 * The Increase in Current Affairs output in non-peak 2013 is mainly down to programmes such as Cowboy Trap, The Sheriffs are Coming and Don’t Get Done Get Dom on the BBC Source: BARB, Ofcom, Oliver & Ohlbaum analysis 15
The TV content production sector CONFIDENTIAL Trends in originated output Peak time originated first run output has grown There has been an increase in first run originated peak time output. The genre focus has shifted in favour of Factual programmes. Cost per hour is showing signs of recovery First run origination hours (excl news and sport), 2006-2013 Peak time – by channel Hours 5000 4500 4,215 4000 3,726 3,822 3500 378 394 476 951 3000 726 799 4,360 4,336 465 502 Channel 5 943 912 Channel 4 4500 736 2500 877 784 915 929 ITV1 901 914 954 1091 999 BBC2 3,726 3000 171 263 355 2500 701 3500 1500 3,822 98 318 857 4,215 99 533 4,360 106 304 4,336 71 321 987 900 Fact Entertainment 912 Entertainment 980 Drama Factual Other Current Affairs 949 1,028 746 848 1,009 895 793 891 1,042 1,152 2008 2010 2012 2013 1,071 893 1000 1000 500 4000 2000 2000 1500 Peak time – by genre Hours 5000 921 954 998 945 994 2006 2008 2010 2012 2013 Cost per hour K 318 265 276 288 BBC1 500 1,165 0 0 Source: BARB, Oliver & Ohlbaum analysis 2006 16
The TV content production sector CONFIDENTIAL Trends in originated output The share of new versus returning commissions has declined The volume of new commissions has declined at an annual rate of 8.3% since 2006 with a slight recovery in 2013. Returning commissions have continued to grow over the period UK: New versus returning commissions (excl news and sport), first run output hours on main PSB networks Hours 14,000 CAGR 2006-13 12,269 12,000 (0.9)% 11,393 11,500 11,432 10,905 10,000 8,000 8024 8570 8510 9192 RETURNING 2.0% 2155 2308 NEW (8.3)% 2012 2013 8750 6,000 4,000 2,000 4244 2823 2922 2008 2010 0 2006 Source: BARB (Attentional), Oliver & Ohlbaum analysis 17
Contents The evolution of the UK TV content production sector Appendix - Main trends in originated output - The UK external sector - Terms of Trade 18
The TV content production sector CONFIDENTIAL The UK external sector The major independent producers have recovered their output hours on PSBs Following a drop between 2006 and 2009, the major independent producer groups have recovered their volume of first run origination output on the main UK networks UK: First run output hours on main PSB networks by independent producer group* decline in programming output on the main UK networks since 2006 Hours 3,500 3,251 59 195 3,000 2,500 Endemol and Fremantle have both seen a 2,620 1 98 2,882 25 130 2,492 2 137 3,430 44 222 376 All3Media made good recovery in 2013. It lost NBCU SHED FREMANTLE 400 347 ZODIAK Shine’s big increase in hours from 2010 to 2011 345 735 2,000 324 514 86 711 ALL3MEDIA 798 SHINE ENDEMOL 575 68 Shed, Shine, Zodiak and NBCUniversal have all improved their position, albeit coming from a lower base 329 253 significant hours in 2012 with the sell back of Cactus TV to its founders was due to the commissioning of chat/current affairs shows Live with Gabby, The Vanessa Show and The Wright Stuff Extra, although it experienced a drop in 2013 580 1,500 492 541 94 1,000 500 888 536 1,132 1,012 920 879 2010 2012 2013 828 0 2006 2008 *Measured according to prodcos that were part of the groups in each respective year Source: BARB (Attentional), Oliver & Ohlbaum analysis 19
The TV content production sector CONFIDENTIAL The UK external sector There has been some movement in the use of external commissions by networks External hours on the BBC have increased slightly, while there has been a decrease in external hours on ITV. Channel 4 and Channel 5 have remained largely unchanged in recent years External commissioning share of all hours - 2006 to 2013 Share of hours 100% 100% 99% 100% 100% 97% 100% 99% 100% 99% Channel 4 90% 82% 80% 70% 60% 50% ITV Channel 5 42% 40% 35% 33% 33% BBC 30% 30% 25% 23% 28% 26% 23% 20% 10% 0% 2006 2008 Source: BARB (Attentional), Oliver & Ohlbaum analysis 2010 2012 2013 20
The TV content production sector CONFIDENTIAL The UK external sector The use of external commissions by networks – excl news and sport The trend remains when looking at qualifying hours, excluding news and sport External commissioning share of hours (excl news and sport) - 2006 to 2013 Share of hours 100% 100% 100% 100% 100% 98% 100% 99% 99% 94% 92% Channel 4 90% 80% 70% 60% 54% 50% 47% 43% 42% ITV 42% Channel 5 39% 39% 40% 48% 46% 34% BBC 30% 20% 10% 0% 2006 2008 Source: BARB (Attentional), Oliver & Ohlbaum analysis 2010 2012 2013 21
The TV content production sector CONFIDENTIAL The UK external sector The share of new commissions by the major independent producers has fallen The major independents have seen their share of new commissions fall significantly since 2006 (with the exception of NBCUniversal). Shed and All3Media have remained more stable UK: New commissions, first run output hours on main PSB networks by independent producer group Hours 1,000 900 870 1 800 173 700 600 500 400 169 62 202 100 640 14 114 58 112 125 151 132 2006 2008 522 24 48 114 49 CAGR 2006-13 154 284 90 300 200 802 27 35 54 190 90 89 41 528 17 26 62 NBCU FREMANTLE ZODIAK 81 SHED 61.9% (23.7)% (13.3)% 3.9% 81 ENDEMOL (12.2)% 82 SHINE (4.3)% 178 ALL3MEDIA 2.4% 106 124 0 2010 2012 2013 Fremantle, Zodiak and Endemol have seen the biggest drop in new commissions from the main networks. All other major indie groups have performed better than the market average growth. All3Media has recovered somewhat in 2013 and continues to be the biggest single supplier of new indie output. The market share of the next four groups has evened out in the last few years. Source: BARB (Attentional), Oliver & Ohlbaum analysis 22
The TV content production sector CONFIDENTIAL The UK external sector Genre specialisms of independent producers – a move out of entertainment There has been a move out of entertainment and into factual entertainment specialism among indie producers. Factual has regained some ground in recent years All day – by genre Hours 100% 6% 90% 80% 7% 2% 7% 11% 18% 5% 3% 6% 3% 3% 7% 70% 12% 25% 10% 10% Other 1% 3% 1% 5% Children’s Current Affairs 8% Drama 17% Factual 29% Entertainment Factual Entertainment 7% 15% 12% 60% 50% 37% 40% 30% 34% 28% 41% 20% 26% 29% 30% 31% 2006 2008 2010 2012 2013 6,056 6,065 6,009 6,025 6,211 10% 12% 0% Hours The increase in “other” in 2010 is largely down to an increase of Nightscreen programming and “The Zone – Netplay / QVC” on ITV Source: BARB, Oliver & Ohlbaum analysis 23
The TV content production sector CONFIDENTIAL The UK external sector Genre specialisms of major independent producer groups (i) Since 2006, Endemol has seen it return to predominantly having entertainment shows commissioned (mostly Big Brother), whilst Fremantle has diversified away from entertainment towards factual entertainment Major independent producers: Genre mix*, 2006 versus 2013: Endemol and Fremantle Share of hours 100% 7% 90% 80% 29% Children’s 2% Other Current Affairs 12% Drama 13% Factual Entertainment 20% Factual 4% 2% 3% Other Drama 7% Factual 26% Factual Entertainment 74% Entertainment 70% 60% 50% 38% 84% 40% 30% 51% Entertainment 20% 26% 10% 0% 2006 2013 ENDEMOL Note: Genre mix on 5 main PSB networks only Source: BARB (Attentional), Oliver & Ohlbaum analysis 2006 2013 FREMANTLE 24
The TV content production sector CONFIDENTIAL The UK external sector Genre specialisms of major independent producer groups (ii) All3Media and Zodiak have both had more hobby and leisure output commissioned, moving away from entertainment, factual and drama, and in All3Media’s case sport Major independent producers: Genre mix*, 2006 versus 2013: All3Media and Zodiak Share of hours 100% 90% 80% Other Current Affairs 20% 1% 1% 22% 13% 1% 4% 1% Other Children’s Current Affairs Drama 48% Factual Entertainment 10% Factual 36% Entertainment Drama 3% 1% 5% Children’s 70% 23% 24% 60% 53% 50% 40% Factual Entertainment 23% 30% 49% 13% 20% 10% 13% Factual 11% Entertainment 17% 6% 0% 2006 2013 ALL3MEDIA Note: Genre mix on 5 main PSB networks only Source: BARB (Attentional), Oliver & Ohlbaum analysis 2006 2013 ZODIAK 25
The TV content production sector CONFIDENTIAL The UK external sector Genre specialisms of major independent producer groups (iii) Shed is still mainly focussed on factual programming, whilst Shine has seen most commissions coming from its entertainment strands. Both have seen a drop in drama output Major independent producers: Genre mix*, 2006 versus 2013: Shed and Shine Share of hours 100% 3% 3% 1% 90% 4% Current Affairs Children’s 5% 1% 3% Other Drama 30% Factual Entertainment 6% Factual 60% Entertainment 9% 19% 80% Other Drama 23% 18% 70% 18% 60% Factual Entertainment 7% 17% 50% 40% 45% Factual 61% 30% 53% 20% 10% 14% 0% 0% 2006 2013 SHED Note: Genre mix on 5 main PSB networks only Source: BARB (Attentional), Oliver & Ohlbaum analysis Entertainment 2006 2013 SHINE 26
The TV content production sector CONFIDENTIAL The UK external sector All3Media – Key deals over time Over the longer term, qualifying status has only been affected by broadcaster / studio deals in recent years. Prior to this was the creation of the “super-indies” (indies buying other indies) which did not affect indie status Management buy out of Chrysalis TV 2002 2003 2004 2005 Purchased by Discovery / LG 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bentley Productions North One Cactus TV Company Pictures Lion Television Lime Pictures Maverick Objective Productions Zoo Productions Studio Lambert One Potato Two Potato Optomen Cactus TV John Stanley Productions Little dot studios Apollo 20 27
The TV content production sector CONFIDENTIAL The UK external sector Fremantle – Key deals over time The sale of Channel 5 has marked the only significant event of a non-qualifying production group becoming a qualifying indie C5 sold 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Thames Talkback Boundless Retort Newman Street 28
The TV content production sector CONFIDENTIAL The UK external sector Endemol – Key deals over time Purchased by 21 CF / Apollo 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Initial Zeppotron Cheetah DSP Remarkable Television Tiger Aspect Tigress Artists Studio 29
The TV content production sector CONFIDENTIAL The UK external sector Shine – Key deals over time Organic creation 2002 2003 Purchased by 21CF 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Shine TV Shine North Kudos Princess Productions Dragonfly Brown Eyed Boy Bossa Studios Channel Flip 30
The TV content production sector CONFIDENTIAL The UK external sector Warner Bros. Television Productions UK (formerly Shed) – Key deals over time Organic creation 2002 2003 Purchased by Time Warner 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Shed Productions Watershed Yalli Productions Shed Media Scotland Ricochet Wall to Wall Twenty Twenty Television Studio Lambert Renegade 31
The TV content production sector CONFIDENTIAL The UK external sector Zodiak – Key deals over time 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 IWC Media Touchpaper Television The Foundation Bullseye Productions Lucky Day Productions Red House RDF Television The Comedy Unit Presentable Productions Bwark Productions 32
Contents The evolution of the UK TV content production sector Appendix - Main trends in originated output - The UK external sector - Terms of Trade 33
The TV content production sector CONFIDENTIAL Terms of Trade Timeline of key events in the run up to Terms of Trade Prior to ToT the indie sector was highly fragmented and was highly dependent on the main PSB network groups. There was little scope to negotiate on production fees or take strong positions in rights against which to build up an asset base 1986 Peacock Committee recommends 40% independent quota 1982 Channel 4 launch stimulates growth of independent sector 1980s 1993 Independent quotas become a statutory requirement for PSB channels 1990 Broadcasting Act introduces 25% independent quota 1997 Launch of Channel 5 as new PSB broadcaster 1996 Broadcasting Act introduces 10% independent quota on DTT channels 2002 ITC PSR recommends negotiated terms of trade to counter-balance inequality in bargaining power 1998 Channel 4 agrees out of London quota of 30% 2004 Negotiated ‘Terms of Trade’ come in to force 2003 Communications Act mandates broadcaster Codes of Practice 1990s 2006 Following Ofcom TPSR, Heads of Terms agreed between broadcasters and Pact for new media rights 2000s 1998 Millionaire premiers in the UK produced by Celador 2003 Chrysalis TV (All3Media) MBI backed by Bridgepoint (Euro 72m) 1999 Millionaire premiers in the US on ABC 2001 Pop Idol premieres on UK television 34
The TV content production sector CONFIDENTIAL Terms of Trade Revenue covered by Terms of Trade by window Primary UK commissions continue to constitute the main source of revenue covered by Terms of Trade, although international sales are now as important as UK secondary rights income Indie revenues by window covered by Terms of Trade – 2006-2013 1,334m 100% 3% 8% 1,678m 4% 1,597m 5% 1,876m 1,971m 8% 8% INT’L SALES OF UK FINISHED PROGRAMMES* 7% UK RIGHTS INCOME* 82% 85% PRIMARY UK COMMISSIONS 2012 2013 6% 90% 10% 10% 80% 70% 60% 50% 89% 90% 40% 85% 30% 20% 10% 0% 2006 2008 2010 * Source: Pact census, Oliver & Ohlbaum analysis 35
The TV content production sector CONFIDENTIAL Terms of Trade Windows and platforms collapsing 1st TX in originating country Primary licence commercial holdback (typically 2 years, can be longer) DTO (from TX 7; May be TX 1 in some cases) UK commissions DVD release (tends to be seasonally driven) SVoD release (moving earlier) UK secondary release (UKTV) 6 18 12 24 36 Months 1st Pay window (moving to 12 months exclusive) US Imports DTO (from 1st run series end) DVD release (tends to be seasonally driven) SVoD release (moving earlier) Sky use threat of side-loading from DVR to secure more VoD rights, otherwise can use this to limit SVoD window value FTA or 2nd pay TV window 36
The evolution of the UK TV content production sector 0 0.5 1 1.5 2 2.5 3 3.5 Total indie revenue bn Number of indie companies 10-25m Revenue is concentrated among the biggest indies The TV content production sector 8 The top 6 indie production companies represent almost 45% of total revenues CONFIDENTIAL
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
