Channel 4 made a loss of £42.3m in 2011 although the 4Channels group, of which it is part, reported an overall increase in profits.
The 4Channels group, which includes digital channels More 4, Film 4 and E4, made £941.4m, up £6.2m on 2010.
The group's annual report showed the success of the Inbetweeners movie and an improved performance by its digital channels helped boost revenue.
The main terrestrial channel's loss was driven by a drop in advertising.
It coincided with the channel's first year without long-running show Big Brother.
Profits for 4Channels would have been slashed had it not been for the success of The Inbetweeners, which became the most successful British comedy to date, making £45m at the box office.
More than two million DVDs have also been sold.
4Channels digital audience share grew by 0.4% last year to 4.8%.
Spending on entertainment and comedy was increased in 2011, although there was a decline in the amount used for film and drama programming, largely due to a reduction in the number of US shows it bought in.
Spending on factual programmes also decreased, mainly due to the loss of Big Brother.
The focus in the coming year will be original content, with a planned budget of about £450m for programmes made in the UK.
This will be the biggest investment in the group's history.
"Many organisations will try to weather the economic storms by pulling back investment," said the group's chairman, Lord Burns.
"The Channel 4 Board, however, had taken a longer view: we believe the right thing for Channel 4... is to increase content investment in 2012."
There will be an increase in one-off single dramas and drama serials, such as Coup - a four-part political thriller starring Gabriel Byrne - and Complicit, which will examine whether torture is ever justified in the war on terror.
New entertainment shows will include vehicles for comedians such as Micky Flanagan with the Mad Bad Ad Show and Lee Kerns's Massive Thing.
A sequel to the iconic children's animation The Snowman will also be aired.
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