BBC Layoffs: British Broadcaster To Lay Off Around 500 Employees Amid Cost-Cutting Measures; Check Details
The BBC is reportedly planning to lay off around 500 employees by March 2026 due to a significant real-term drop in license fee funding and changing media consumption habits, which have led to financial difficulties and a strategic shift towards digital services.
New Delhi, July 24: The British Broadcasting Corporation (BBC) is reportedly planning to lay off around 500 employees for cost-saving measures as it has had a real terms drop in its funding from the license fee over the last decade. According to multiple reports, the layoffs are expected to occur by March 2026. Reports have indicated that this publicly funded broadcaster has endured reduced revenue growth over time. The company’s income has reportedly gone down by nearly a one-third in real terms since 2010, which is about one billion Pounds per year.
As per a report of Financial Times, BBC plans 500 job cuts in a push for more cost savings. Samir Shah, chairperson of the corporation, has reportedly stated that the funding squeeze meant its content budgets are now impacted. He further highlighted that this could impact the wider creative sector in the UK. Tech Layoffs 2024: More Than 1,00,000 Employees Laid Off Since January 2024, Around 41,000 People Lost Their Jobs in June Alone, Says Report.
The BBC has already reduced its workforce by about 10 percent in the last five years, which is about 2,000 employees, as per a report of Inside Paper. The broadcaster plans to focus more on digital services as traditional broadcasting faces challenges from streaming platforms. Amdocs Layoffs: Software Firm To Lay Off Around 3,000 Employees Amid Restructuring Plans; Check Details.
The broadcaster heavily depends on the license fee paid by every UK household that watches live TV channels on a television. However, it is facing challenges due to changes in how people consume media, such as the rise of streaming and on-demand services. In 2023, approximately 5,00,000 households decided to cancel their license fee. As a result, the number of active licenses decreased from 24.4 million in 2022-23 to 23.9 million by the end of the previous year. The decline in license fee payments has reportedly added financial difficulties for the broadcaster. As per reports, BBC said “accelerating our digital-first approach to reach audiences where they are”.
(The above story first appeared on LatestLY on Jul 24, 2024 09:27 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).