Broadcast giant Sky has reported an operating loss of UK£224 million (US$292 million) for the 2023 financial year in a Companies House filing.
- 2023 losses were double the previous year’s equivalent total of UK£111 million (US$145 million)
- Company posts UK£10.2 billion (US$13.3 billion) in total revenue, which was flat from 2022
- Direct-to-consumer (DTC) revenue, which includes its broadband, mobile and streaming operations, increased by 1.5 per cent year-over-year (YoY) to UK£8.5 billion (US$11.1 billion)
- Its programming costs of UK£3.45 billion (US$4.49 billion) were also slightly larger than the previous year
Sky said its increases in its DTC revenue segment were attributed to the continued growth of its Sky Glass smart TV, as well as increases in its mobile, broadband and streaming businesses. This was offset by a drop-off in sales of its Sky Q satellite-TV boxes, with the company more focused on growing its streaming platforms.
Meanwhile, the increase in its programming costs was caused by the December scheduling of the 2022 Fifa World Cup, which resulted in additional soccer games being staged in 2023.
Sky said it had made loans to two of its European subsidiaries to ensure they could keep operating with enough funding. Its German business was loaned €734 million (US$797 million), while the company’s Italian branch was also provided €800 million (US$868 million).
By SportProMedia
