“The Crown” producer Left Bank Pictures has posted a 22% drop in revenue for the financial year ending March 2023.
Revenue decreased from £147.8 million ($187 million) to £114.6 million ($145 million) year on year, according to a financial report filed at U.K. business registrar Companies House on April 7. The producer said the dip was due to “the timings of the shows and syndication rights sold on the Crown series in the prior year.’
The report also showed that profit before taxation had increased by 65%, from £14 million to £23 million.
The financial period covered in the report runs from April 2022 to 2023, ending just before the Hollywood strikes upended the industry.
In the financial report, Left Bank notes 2023 “has been a challenging year for the industry –Bectu negotiations, WGA, DGA and SAG strikes, the fall in commissions by the streamers & U.K. broadcasters, licence fees decreasing due to a fall in advertising spend and the cost of living crisis, next year is forecast to be a challenging year for the industry.”
In response, the company, which is owned by Sony Pictures Television, plans to focus on growing its IP portfolio, investing in developing new and existing talent and working with “a broader range of U.S. cable, digital channels and other new buyers to the market.”
According to the financial report, for the year ending March 2023 the clear majority of Left Bank’s revenue came from the U.S. (approximately £110 million) compared to the U.K. (£4 million).
As well as “The Crown,” which was said to be the most expensive series ever when it first launched in 2016, Left Bank is known for shows including “Outlander,” “Without Sin” and “White Lines.”
