Revenues Down 7 Percent at ITV


Total external revenues at ITV plc fell by 7 percent in Q1 to £776 million ($976.5 million), largely as a result of a weakened ad market.

Media and entertainment revenues at the U.K. media company were down 9 percent to £495 million ($623.1 million), with ad revenues dropping 10 percent to £419 million ($527.5 million). At ITV Studios, revenues were flat at £457 million ($575.4 million). With gains at ITVX, digital revenues grew by 29 percent.

Chief Executive Carolyn McCall noted: “ITV continued to make significant strategic progress in the quarter and all parts of the business performed in line with expectations.  ITVX has sustained its strong launch, with a 49 percent increase in streaming hours and a 29 percent growth in digital revenue in the quarter. Exclusives, such as Nolly and The Twelve, attracted new viewers, 80 percent of whom went on to explore other content on ITVX. In addition, live simulcast viewing of our biggest shows and sports events, including Love Island and the FA Cup, attracted large streaming audiences. ITV Studios continues to demonstrate significant strategic momentum. With a strong pipeline of content and committed revenues, it is on track to deliver mid-single digit revenue growth over the full year, ahead of the market. This follows record revenues in Q4 2022 and with the phasing of deliveries expected to be weighted to the second half of 2023. Total advertising revenue in Q1 was down 10 percent—as expected and better than the wider TV advertising market. We are looking forward to Q3 with Love Island and the Rugby World Cup set to draw large broadcast and streaming audiences.”

McCall added: “ITV is successfully executing Phase Two of its More Than TV strategy, despite the current challenging macro and geopolitical environment, as we continue to satisfy the growing demand for content globally and the desire for advertisers to secure both mass reach and targeted digital audiences.”