BBC Commercial Grows Profit as Subscriptions, Bluey Merchandise and Cost Cuts Lift Margins

Company says a shift to higher‑margin direct‑to‑consumer services and stronger IP sales has bolstered returns to the BBC, supporting calls for regulatory flexibility.

Overview

BBC Commercial reported flat FY2025/26 revenue of £2.20 billion and a 17% rise in EBITDA to £267 million, enabling a £377 million return to the BBC.
The company said higher‑margin sales drove the profit gain, with operating costs falling about 3% after a comprehensive cost review.
Direct‑to‑consumer services were the main growth engine, with BritBox North America revenue up roughly 20% and BBC Select revenue rising about 61%.
Consumer‑products and IP monetisation led by the preschool hit Bluey delivered strong results, including more than 45 billion minutes streamed on Disney+ and lifted merchandise sales.
BBC Commercial highlighted fast growth on digital platforms—YouTube watch time nearly doubled to around 14.7 billion annual views—and said the results keep it on track for a five‑year returns target while seeking a supportive regulatory framework.