Sister’s Revenue Decline: $180M Loss and Future Outlook

Sister, the producer behind the hit show ‘Black Doves,’ has reported a staggering revenue decline of $180M, primarily due to the closure of its American operations and the ongoing challenges within the entertainment industry.
Revenue Decline of $180M at ‘Black Doves’ Producer Sister
Revenue plummeted by £135.3M ($182.9M) last year at Black Doves producer Sister, as its annual results reveal the group took a £34.4M hit on the closure of its American hub.
Sales Drop After Record Year
Following a record 2023, sales at the Jane Featherstone and Elisabeth Murdoch-run outfit fell by 65% to £72.9M for full-year 2024.
Impact of COVID-19 and Market Conditions
Sister’s accounts, recently filed at Companies House, attribute this decline to “the build-up of COVID-related deliveries pushed into 2023.” The results indicate that “2024 represents a more normalized level of revenue from Sister UK.” Sister’s revenue in 2023 hit a record high, with figures for the years prior to 2023 being closer to those revealed today.
Operating Losses and Strategic Shifts
During a challenging year, British broadcasters declared a scripted funding crisis, and Sister faced a significant setback with the cancellation of the Netflix show Kaos. The group reported an operating loss of nearly £20M and an adjusted EBITDA loss of £4.7M. Nearly a decade after its launch, Sister is still yet to turn a profit.
Closure of U.S. Operations
Results have been adjusted from previous years to reflect the closure of Sister’s U.S. operation, which occurred late last year, resulting in the exits of top executives Cindy Holland, Jane Wiseman, and Efrain Miron, who subsequently joined the new-look Paramount-Skydance TV studio. Sister has emphasized its commitment to producing shows for American platforms like Netflix’s Black Doves, while focusing production efforts in its UK base. Recently, the indie appointed former Banijay UK boss Lucinda Hicks as group CEO in London.
Future Outlook and Risks
Despite the loss from discontinuing the American hub, which amounted to £34.5M, the group anticipates that this closure will significantly reduce operating expenses in the future. The results highlighted that the closure of the Los Angeles office followed a board review of challenging market conditions exacerbated by the pandemic, double Hollywood strikes, and ongoing industry contraction. As Sister pursues profitability, the decision was made to concentrate resources on UK-based operations with global partners.
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Additionally, four principal risks to Sister were identified, including rising UK production costs, which have led to UK public broadcasters funding smaller portions of budgets, thereby reducing potential greenlights for production businesses. This aligns with comments made by Featherstone earlier this year, revealing that the BBC had several scripted shows on its slate that it “can’t fund.” The BBC later confirmed to a parliamentary committee that the industry is facing a scripted funding crisis.
Positive Developments Ahead
Speaking to Deadline, Sister Group COO and CFO Chris Fry highlighted the positive aspects of 2024, mentioning the delivery of several outstanding projects for Sister, including 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.”
Sister recently acquired a majority stake in Pamela: A Love Story producer Dorothy Street Pictures. Upcoming content includes Apple TV+’s Prodigies starring Will Sharpe and Ayo Edebiri, ITV’s Coldwater with Andrew Lincoln, and the spin-off The Split Up.