The BBC is set to cut 500 jobs in order to save £200m and push for a "transformation" of the group.

In the 2023/24 financial year, revenue at the broadcaster dropped by 6% from £5.725bn to £5.39bn, with an operating deficit increasing by £70m to £263m in the same period.

The BBC added that its largest form of income came from its licence fee, which raised £3.66bn in the latest financial year, despite this income falling year-on-year.

The news comes after the broadcaster said in March 2023 that it was to cut 1,000 hours of TV in order to save money, and that it was scrapping its in-house chamber choir and reducing salaried orchestral posts across the BBC English Orchestras by around 20%.

It also follows £11m worth of cuts in local radio and job cuts in English regional TV news and current affairs, local radio and online news.

In a statement, chief operating adviser, Leigh Tavaziva, said: "In March this year we announced a requirement for an additional £200m of savings and reinvestment plans to drive the continued transformation of the BBC. This will support greater investment into premium video content and further develop our digital capabilities.

"To further build our digital capabilities, whilst targeting efficiencies, over the next two years we will continue to close and transfer roles in some areas and create new roles in growth areas.

"This will result in a forecast net reduction of 500 roles in the public service by March 26, with further growth in targeted areas planned in our commercial group. To support these changes we will today be launching a new voluntary redundancy scheme for staff. Our priority remains to protect and champion the BBC’s fighting role as the UK’s public service broadcaster, for all our audiences both local and global."

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