ITV Records Minor Profits Blip But Revenues Pass $2B & Studios Almost Doubles Scripted Hours: Half-Year Results
deadline.comProfits at ITV fell slightly in the first half of this year as the network gears up for the ITVX rollout, while total group revenue hit £1.9B ($2.3B), ITV Studios’ scripted hours almost doubled in the line with the five-year masterplan and the production arm was making more shows for streamers than ever.
The half-year results, unveiled in the past few minutes, saw EBITA fall 3% to £318M ($387M), with a far steeper fall in ITV network’s Media & Entertainment division, which encompasses commissioning and advertising, of 16% to £194M ($236M).
Producer/distributor ITV Studios grew EBITA by an impressive 31% to £124M ($151M). Having seen profits increase by more than 40% for the full-year last year, ITV put the slight profits decrease down to a boost in content spend of £58M and another £20M in data and technology for ITVX, the streaming service that will launch in Q4 and see shows made available months before they appear on linear.
It is targeting 15,000 hours of content and one exclusive show per week. Additional content investment related to a combination of a return of key shows disrupted by COVID such as Love Island, and “front-footed investment,” according to ITV.
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