ITV Delivers Profit Surge Despite Revenue Dip, Bolstered by Streaming and Cost Cuts

variety.com:

Naman Ramachandran The U.K.’s ITV revealed strong profit growth in its full-year results for 2024, despite facing challenges from the U.S.

actors and writers strikes and softening demand from traditional broadcasters. The British media giant reported an 11% increase in group adjusted EBITA (earnings before interest, taxes, and amortization) to £542 million ($700 million), driven by record profits at ITV Studios and growth in its Media & Entertainment division. “Three years ago we announced the second phase of our More than TV strategy and today’s results show our significant progress and success in navigating the rapidly changing media industry,” said Carolyn McCall, ITV chief executive, in the earnings release.

Total group revenue dipped 3% to $5.34 billion, with the decline in ITV Studios revenue offsetting growth in advertising. Group external revenue was down 4% at $4.51 billion.

The company’s streaming platform ITVX emerged as a standout performer, with digital viewing up 12% and digital advertising revenue jumping 15% in 2024.