1 year ago
Sister's Revenue Plummets by $180M, US Office Closed
Imagine a company called Sister that makes TV shows, like 'Black Doves.'
They had a great year in 2023, but things slowed down in 2024.
Their income dropped because they finished the shows they were working on.
They also had to close their office in America, which cost them money.
Even though things were tough, they're now focusing on making shows in the UK and have a new boss to help them grow.
They're still working on cool shows for everyone to watch!
Sister, the producer of 'Black Doves,' saw a 65% revenue decrease to £72.9M in 2024.
The revenue drop is attributed to the completion of COVID-related projects that were delayed to 2023.
Sister recorded an operating loss of nearly £20M and an adjusted EBITDA loss of £4.7M in a challenging year.
The company closed its U.S. operation, resulting in a £34.5M loss but aims to reduce future operating expenses.
Sister is focusing on its UK operations and has hired Lucinda Hicks as Group CEO.
- Who
- Sister, the company producing shows like 'Black Doves,' led by Jane Featherstone and Elisabeth Murdoch.
- What
- Sister, a TV production company, experienced a significant revenue decrease and operating losses.
- Where
- Sister is based in the UK, and closed its U.S. operation.
- When
- The financial results are for the full-year 2024.
- Why
- The revenue decrease was due to the completion of projects and the closure of its U.S. hub, amidst a challenging market.
Challenges
Growth
Financial Hurdles vs. Growth
Challenges
The UK public broadcasters are funding smaller portions of budgets, reducing the number of potential greenlights for production businesses. This reflects the comments made by Featherstone, where she revealed that the BBC had a number of scripted shows on its slate that it “can’t fund.” The BBC later told the same committee that the industry was experiencing a scripted funding crisis.
Growth
The company sees a trajectory of sustainable growth with the new Group CEO, with a renewed focus on its core mission: empowering visionary storytellers to create their best work. The company had several outstanding projects that were delivered for Sister.
Key facts
- Revenue 2024
- £72.9M
- Revenue Change
- 65% decrease
- Operating Loss
- Nearly £20M
- Adjusted EBITDA Loss
- £4.7M
- Loss from US closure
- £34.5M
- New CEO
- Lucinda Hicks
Quotes
Sister
The company
“The closure of the Los Angeles office followed a review by the Sister board that examined the tough market conditions that have been exacerbated by the pandemic, double Hollywood strikes and the ongoing industry contraction.”
deadline.com
“2024 represents a more normalized level of revenue from Sister UK.”
deadline.com
Jane Featherstone
Co-founder of Sister
“can’t fund.”
deadline.com
Chris Fry
Sister Group COO and CFO
“2024 saw the delivery of several outstanding projects for Sister, flagging Kaos, Black Doves and the BBC’s The Split: Barcelona. After a period of transition for the business, we have doubled down on our track record of creating exceptional entertainment in the UK, for a worldwide audience. We’ve entered 2025 on a clear trajectory of sustainable growth under the stewardship of new Group CEO Lucinda Hicks, with a renewed focus on our core mission: empowering visionary storytellers to create their best work.”
deadline.com
Sources
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