ITV Revenues Slip 7 Percent

For the first three months of the year, revenues at ITV plc were down 7 percent to £694 million ($860 million), largely due to COVID-19’s impact on its studios arm.

Broadcast revenues at the media company edged up by 2 percent to £500 million ($619 million), as ad revenues rose by 2 percent and online revenues by 26 percent for the period ended March 31. In April, however, ad revenues were down 42 percent.

ITV Studios’ revenues, meanwhile, fell by 11 percent to £342 million ($424 million) as the company has halted productions across the globe. However, the company notes, ITV Studios Global Distribution is finding strong demand for its library around the world.

“ITV has taken swift and decisive action to manage and mitigate the impact of COVID-19, by focusing on our people and their safety, and by continuing to reduce costs and tightly manage our cashflow and liquidity,” said Chief Executive Carolyn McCall. “We are also ensuring that we continue to inform and entertain our viewers and stay close to our advertisers. Everyone at ITV has responded extremely well to the challenges we are facing. We are now very focused on emerging from this crisis in a strong position, continuing to offer advertisers effective marketing opportunities and making preparations to restart productions safely.”