Pay TV Operator Sky Reports 5% Increase in Revenue to $17.6 Billion

Pay TV Operator Sky Reports 5%
Jonathan Olley

New shows include 'The Last Panthers,' above, and 'The Young Pope'

LONDON — European pay TV operator Sky reported on Wednesday a 5% increase in revenue to £11.3 billion ($17.6 billion), and an 18% increase in operating profit to £1.4 billion ($2.18 billion) for the year ended June 30.

The company added 973,000 subscribers, which was 45% more than the previous year. In U.K. and Ireland, the company recorded the highest organic customer growth for 11 years, and passed 12 million subscribers; in Germany and Austria, the company saw the highest-ever customer growth; and in Italy, the subscriber base held steady after three years of decline.

In December, Sky, formerly known as BSkyB, created Europe’s leading entertainment company after merging with Sky Italia and Sky Deutschland. The enlarged group serves 20 million customers across five countries: Italy, Germany, Austria, the U.K. and Ireland.

Jeremy Darroch, group chief executive, said in a statement: “The past 12 months have been an outstanding period of growth for Sky. We’ve successfully completed a deal that has transformed the size and scale of opportunity for the business whilst delivering an excellent financial and operational performance as more customers chose Sky and took more of our products.”

Darroch underscored the company’s increased investment in programming.

“Across the portfolio, we’ve secured a series of big rights deals and made exciting progress in our push into original content. Crime drama ‘Fortitude’ and Italian political drama ‘1992’ became the first of our home-grown dramas to launch simultaneously across all five territories, and there’s much to look forward to,” he said. “We’re taking another step up in 2016 with a string of new commissioned dramas, including crime drama ‘The Last Panthers,’ coming this autumn, and ‘The Young Pope,’ a major new co-production with HBO and Canal Plus. Both show the scale of our ambition as we build a new European powerhouse for TV content.”

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