ITV Quarterly Revenues Down, Streaming Business Soars
variety.comNaman Ramachandran U.K. broadcasting giant ITV’s revenues dipped in the first quarter of 2023, but streamer ITVX has seen a growth uptick, according to figures released on Thursday.
The financial and operating performance for the three months to March 31 was “as expected,” ITV said, with total external revenue down 7% at £776 million ($979 million), compared to £834 million ($1.05 billion) over the same period in 2022.
Revenue at production unit ITV Studios was flat at £457 million (2022: £458 million). Deliveries in the U.K. and internationally included “Nolly” for ITVX, “Django for Sky,” Big Beasts for AppleTV+ and “Queer Eye” for Netflix.
ITV’s media and entertainment revenue was down 9% at £495 million (2022: £545 million), with total advertising revenue down 10%, which the broadcaster says is “better than the wider TV advertising market.” Within this, digital advertising revenue was up 30% at £87 million compared to the same period in 2022.
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