Channel 4 has announced a five-year strategy to become a digital-first public-service streamer by 2030, including a raft of redundancies and a move out of its London headquarters.
Known as Fast Forward, the strategy aims to protect the broadcaster’s long-term sustainability.
The plan comprises three pillars: digital growth and transformation, with a shift in focus to streaming; diversifying revenue streams, including exploring intellectual property ownership and building an ecommerce platform; and restructuring the business to become “leaner, nimbler and more sustainable”.
On the last point, Channel 4 plans to reduce headcount by 18% — this equates to around 200 redundancies and the closure of roughly 40 unfilled roles. The move will bring headcount to 2021 levels.
Furthermore, the broadcaster will leave its Horseferry Road headquarters in London in the next few years. With 600 roles based outside the capital by the end of 2025, a lower headcount in London and more flexible working, the broadcaster will look to move to another central London office space.
Channel 4 plans cuts as it seeks to move investment to digital
Channel 4 had previously established regional hubs outside London to improve representation across the UK. It opened its “national headquarters” in Leeds in 2020.
Alex Mahon, Channel 4’s CEO, said: “The reality of the rapid downshift in the UK economy and advertising market demand that we must change structurally. As we shift our centre of gravity from linear to digital, our proposals will focus cost reductions on legacy activity.
“In preparing for a new digital-first future, I hope we can make Channel 4 simpler — for staff and our suppliers — and create a more efficient, inclusive and high-performing organisation.”
Channel 4 previously rolled out its Future4 strategy in 2020 to shift its focus from traditional to digital broadcasting. Last year, the company reported that digital revenue accounted for 27% of total revenue, with an aim to increase this share to 30% in 2024 and 50% by 2030.
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