In the hallowed halls of Broadcasting House, where the ghosts of Reithian public service broadcasting still whisper, a radical reckoning is underway. The BBC, once the envy of global media with its £5.7 billion annual budget and 20,000-strong workforce, is staring down a financial abyss. License fee revenues—frozen at £159 per household since 2020—have eroded 20% in real terms due to inflation, while streaming rivals like Netflix (with 15 million UK subs and a £1.2 billion local content spend in 2025) and YouTube (boasting 50 billion monthly UK views) siphon off younger audiences.