To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Local vs global: there’s no place like home British media and entertainment companies are highly successful overseas – where they have scope to achieve much more – but they still depend most on the UK, and are most profitable at home. Within our ranking, approximately two thirds of revenues are generated in the UK, but 85 per cent of the country’s top 100 media and entertainment companies also generate revenues overseas. Among the top ten most profitable companies in our list, four generate revenues solely in the UK. A further two generated almost 90 per cent of their revenues here. The prevailing wisdom is that Britishness sells overseas, particularly when it comes to content produced in the UK. The British music industry is enjoying a global boom – half of the world’s top ten best-selling artists of 2015 were from the UK – and the TV industry continues to achieve huge global success. BBC Worldwide, the corporation’s global commercial arm, accounts for 18 per cent of the organisation’s total income. Over at ITV, the Studios business, which generates the majority of its revenue from outside the UK, reported 33 per cent growth in revenues in 2015 Our ranking suggests that in order to achieve scale, there is a need to branch out, particularly to other mature markets (most notably Western Europe and North America). The top ten largest companies in our ranking generate over half their revenue from outside the UK, predominantly from developed markets. Information publishing is the only sub-sector that appears to generate a significant proportion of revenue from developing markets. By contrast, news publishing organisations are the most UK-centric among our top 100 companies. Clearly local relevance is crucial here for national and regional titles, and the two business news publications in our list – the Economist and the Financial Times – are the ones that have most successfully captured audiences around the world. The Economist generates just 18 per cent of its revenue from the UK, with 19 per cent coming from emerging markets. Media Metrics The state of UK media and entertainment 11