U.K. Broadcaster ITV, Production and Distribution Company ITV Studios Post Q3 Revenues

British public service broadcaster ITV has posted its Q3 revenues, which are up by 6%.

Revenues for ITV Studios, the production and distribution company owned by ITV, were also up by 16%.

Total external revenue for ITV was £2,523 million ($2,894 million), 6% more than last year’s £2,381 million. Meanwhile ITV Studios posted revenues of £1,387 million ($1,590 million), up on £1,193 million last year.

“ITV has performed strongly delivering a 6% increase in total revenue for the first nine months of the year, driven by double digit growth in both digital revenue and revenue from ITV Studios,” said ITV Chief Executive Carolyn McCall. “ITV Studios continues to outperform the growing content market and will exceed 2019 revenues in 2022. It’s on track to deliver on all of its KPI targets and has a formidable slate to power it into 2023 as we further diversify the business by genre, geography and customer.”

However in its results, ITV acknowledged that total advertising revenue in 2022 is expected to be down by 1-1.5% year-on-year. The launch of streaming platform ITVX in December and the FIFA World Cup in November and December would help mitigate losses but, the company warned, “There remains a high degree of economic uncertainty.”

“We are making good progress on our new, free, ad-funded streaming service ITVX, which will be rolled out across devices and platforms in the coming weeks with the full launch of new and exclusive content on 8th December, in time to reach millions of viewers who will come to ITV for the FIFA World Cup,” Said McCall in a statement.

“ITVX will supercharge our streaming business providing viewers with a content-rich destination rather than a catch up service and advertisers with valuable addressable audiences at scale. This will drive significant digital viewing and revenue growth, enabling ITV to deliver at least £750 million digital revenues by 2026.”

“While we remain mindful of the macroeconomic and geopolitical uncertainty there’s strong operational momentum across both our Studios and Media & Entertainment divisions, as we continue to build a resilient, diversified business that can take advantage of the global growth in the demand for quality content and the desire of advertisers for both mass reach and data-led addressable advertising, targeting millions of U.K. viewers.”

Read More About:

Source: Read Full Article