(qlmbusinessnews.com Wed 6th, 2024) London, UK —
GB News Reports £42 Million Loss Amid Growing Online Audience.
In a year marked by significant financial losses, GB News, the British television broadcaster, has witnessed a surge in its online viewership, despite pre-tax losses soaring to £42.4 million for the year ending May 2023, a staggering 40% increase from the previous year's £30.7 million deficit.
This development comes at a time when TalkTV, owned by media mogul Rupert Murdoch, announced its transition to an exclusively online platform, following the growing trend of digital media consumption. Last month, prominent presenter Piers Morgan made headlines by shifting his show, Uncensored, from TalkTV to focus on its YouTube channel, reflecting the increasing reliance on smartphones as the primary source of news consumption.
GB News, in response to its widening losses, highlighted a remarkable fivefold increase in its online audience, with online page views surging by 431% to 51.9 million. However, its linear TV viewership averaged 2.7 million viewers per month, representing only a 0.45% share of linear TV, indicating the evolving landscape of media consumption preferences.
Despite its efforts to attract conservative figures like former Prime Minister Boris Johnson and MP Jacob Rees-Mogg, GB News faced regulatory scrutiny from Ofcom, particularly regarding an episode of Dan Wootton Tonight, which breached broadcasting rules due to comments made by actor-turned-politician Laurence Fox about journalist Ava Evans.
Behind the scenes, GB News is backed by All Perspectives Ltd, a holding company supported by hedge fund millionaire Sir Paul Marshall and investment firm Legatum, among others. Despite doubling its revenue to £6.7 million, the broadcaster's income significantly lags behind its substantial losses. With continued financial support from investors like Sir Paul, GB News remains optimistic about its future prospects, emphasizing its commitment to delivering diverse perspectives in the media landscape.
The broadcaster, with an average of 295 monthly employees, incurred a total wage, social security, and pension bill of £21.2 million, reflecting an expenditure of approximately £72,000 per employee. As GB News navigates through its financial challenges, its ability to retain investor confidence and adapt to evolving media consumption habits will be crucial in shaping its trajectory in the competitive media industry.
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