British broadcaster ITV reported that the financial situation for the first quarter of 2024 was mixed.
The company’s advertising revenue rose 3% and is expected to rise about 12% in the second quarter, offset by a decline in revenue from ITV Studios. Total revenue for January to March was £887m ($1.18bn), compared to £952m ($1.18bn) for the same period in 2023. %Diminished.
Within that total, ITV Studios’ revenue fell by 16% to £382m (2023: £457m). This is “due to a gradual shift in distribution with emphasis on the second half of the year and the expected impact from both the U.S. writers’ and actors’ strikes in 2023,” and to reduce spending until there is more certainty in the advertising market. “This is due to weak demand from free-to-air broadcasters in Europe,” the broadcaster said.
During the quarter, ITV Studios produced The Reluctant Traveler for Apple TV+, The Red King for Alibi, The Gathering for Channel 4, and I’m A Celebrity… Get Me Out of Here! has been delivered. In Germany for RTL.
Media and entertainment revenue increased by 2% to £505m (2023: £495m), of which digital advertising revenue increased by 14%.
Streamer ITVX continues its strong performance with a 16% increase in total streaming hours and an increase in monthly active users, the broadcaster said.
The broadcaster said ITV Studios’ total revenue would be broadly flat for the full year of 2024, with the impact of the US writers’ and actors’ strike, which will delay around £80m of revenue from 2024 to 2025, expected to remain unchanged for the full year. He said he expected growth to offset that. ITV said its revenue would also be down year-on-year in the quarter, but it has a pipeline of shows scheduled for distribution in the second half of 2024, including Fox’s “Hell’s Kitchen US,” Netflix’s “ACAB” and “The Better.” pointed out. “Sister” and “Lazarus” on Prime Video, “Ludwig” and “Showtrial” on the BBC, “Sentinelles” on OCS and Canal+, “Love Island” in the UK, US and Australia, “The Voice” in Australia and Germany
ITV said it was on track to deliver at least £750m of digital revenue by 2026.
Carolyn McCall, chief executive of ITV, said: “For the full year, we expect ITV Studios revenue to be broadly flat. We have a strong pipeline of programs and are increasingly diversifying our customer base for streamers, with the delivery stage expected to be “Hell’s Kitchen US,” “Better Sister,” “ACAB,” “Show Trial,” and “Ludwig.”
“ITVX built on a strong first year, achieving double-digit growth in both digital viewership and digital advertising revenue in the first quarter, and we expect both to continue strong growth throughout the year. I’m predicting it.
“Total advertising revenue in the first quarter was up 3%, in line with guidance, and the strong momentum continued in the second quarter, benefiting from the euro in June. TAR is expected to rise around 8% in the second half of the year. .
“Our group’s cost reduction program, as previously communicated, is on track to deliver savings of £40m this year. Overall, we expect to continue to make good strategic progress and look forward to 2026. We are on track to achieve our KPI goals for the year.”
