GB News’s total losses have now topped £100 million while its revenues have more than doubled in the last year.
The broadcaster decreased its annual losses by a fifth in the year to May 31, 2024, going from £42.4m in the 2022-23 financial year to £33.4m the subsequent year, the Press Gazette reports.
Overall, the losses the broadcaster has accumulated since it began setting up ahead of its June 2021 launch now total £105.9m.
Its revenue was up 136% from £6.7m last year to £15.8m and advertising revenue was up 111% to £8.9m.
Chief executive Angelos Frangopoulos (below) told a parliamentary committee last year: “While we have growing audience and our advertising revenue has increased significantly – and it had to because in the early days we didn’t have much – the reality is that we’re looking at all aspects of monetisation […] we’re very confident about the future of being self-sufficient financially but we have a lot of work to do.”
Digital revenues were up last year by 165% to £5.8m while the only revenue type to fall was radio.
A GB News source told Press Gazette: “As these results show, the channel is recording growth across several areas of the business, and it remains focused on its mission to become the UK’s largest news channel by 2028.”
GB News is part of the right-wing media empire owned by hedge fund entrepreneur Paul Marshall, who also owns Unherd and The Spectator.
Frangopoulos said in the company accounts that audiences were growing “strongly in the last year” – up 53% in the share of TV audiences and 61% for radio.
Last April, the company began its first major round of redundancies, aiming to cut 40 jobs – but the official accounts showed the headcount was up from 295 to 311 in the year to May 31, 2024.
