成人论坛 response to the National Audit Office’s report: 成人论坛 Studios
We welcome the report’s findings that we had a clear rationale for creating 成人论坛 Studios, we planned well and the merger has got off to a good start following the launch of the new 成人论坛 Studios in April 2018.
In a time of unprecedented change across the global market, and with continued tough financial challenges, the success of is vital in helping the 成人论坛 deliver value for money for the licence fee payer as well as distributing and promoting British creativity worldwide.
As the report outlines, 成人论坛 Studios was formed by the merger of the 成人论坛’s newly commercial production arm, also 成人论坛 Studios, with its international distribution and sales business, formerly known as 成人论坛 Worldwide, to create a global, integrated business that is better able to compete in the market. The strategic aim is for 成人论坛 Studios to be a creator, producer, owner and distributor of IP serving customers all over the world. This integrated approach is consistent with established market practice where other production companies operate integrated production-distribution businesses.
成人论坛 Studios generates value for money for the licence fee payer through profits, content investment, cashflow management and driving sales in its core businesses. In 2018/19, 成人论坛 Studios returned £243m to the 成人论坛 public service, principally in dividends and investment in programming, and has contributed over a billion pounds in the last five years. Since the merger, the company is also enjoying a strong reception for its creative work, including over 30 commissions secured from third parties including both UK broadcasters and global brands like Amazon, Apple and Netflix. It remains the UK’s most awarded production company with nearly 80 awards won in the last financial year across multiple genres.
We’re proud of 成人论坛 Studios’ global success and its contribution to the 成人论坛 and British creative industries. We have confidence in its considerable potential and believe that it will continue to create world-class content and generate returns that boost the 成人论坛’s overall income and enable us to show more of the programme and services our audiences love.
In response to the 's specific recommendations:
Develop a clear plan for closing the cultural gap between the production and distribution arms of 成人论坛 Studios, which should include milestones and indicators for measuring its progress in achieving this.
Having achieved a successful merger, 成人论坛 Studios has made good progress in integrating the offices, operations, governance, policies and day-to-day management of two formerly distinct businesses, with initiatives to align training, collaborate on new business pitches and recognise pan-company achievements. But there is clearly more to do, and this is something that will take time and care. Early in 2020, following in-depth consultations with staff across the business, 成人论坛 Studios will launch its three-year culture and engagement plan to improve the overall experience of working at 成人论坛 Studios. Focused investment and dedicated resource in the areas of inclusion and diversity, the employee experience and learning and development, aims by 2023 to have created a more integrated, collaborative culture, where creativity further flourishes, diverse individuals feel more included and both individual and company performance increases. Metrics and actions are in place to address the findings of the 成人论坛 Group Staff Survey, and further measures will be introduced so progress can be tracked and the plan can be adjusted and developed as necessary.
Review the effectiveness of recent improvements to governance over 成人论坛 Studios, including whether the September 2019 changes to relevant terms of references have successfully clarified the role of the main 成人论坛 Board, 成人论坛 Commercial Holdings Board and the Commercial Group strategy sub-committee of the Executive team in setting the strategic objectives for 成人论坛 Studios and the 成人论坛’s commercial strategy and in subsequently holding the 成人论坛 to account for the delivery of these.
We’re pleased that the NAO has acknowledged the significant changes that we’ve made over the past year to how the 成人论坛 governs its commercial subsidiaries. These changes have ensured that the 成人论坛’s commercial subsidiaries are fully aligned with the Corporation’s wider strategy, as well as ensuring that they are adapting to the fast-changing markets in which they operate and we’ll continue to keep the governance arrangements under review.
Finalise the set of performance indicators for the regular reporting to the 成人论坛’s boards of 成人论坛 Studios’ non-financial performance in early 2020 as planned, while ensuring that this set includes adequate measures to enable Board monitoring of;
- 成人论坛 Studios’ non-financial performance, particularly in winning new work and creating new IP against what it expected;
- the size and strength of Studios’ content delivery pipeline;
- the management of significant risks to its achieving sustainable margins and returns; and
- Studios’ management of its staff, development of organisational capacity and delivery of cultural change
The 成人论坛 Board actively monitors and reviews the overall performance of 成人论坛 Studios through a quarterly reporting and challenge process, and through consideration of performance at . The Commercial Holdings Board will review more detailed non-financial performance metrics alongside financial performance.
We’re confident that this combination of financial and non-financial performance indicators, reporting and scrutiny of 成人论坛 Studios by Commercial Holdings Board will continue to ensure a robust value-for-money and governance framework for 成人论坛 Studios.
成人论坛 Press Office
