ITV Revenues Down and Studios Business Projected to Remain Flat Due to Hollywood Strikes, Despite Advertising Uptick
variety.comNaman Ramachandran U.K. broadcaster ITV has reported mixed financial fortunes for the first quarter of 2024. Its advertising revenue growth of 3%, with the second quarter expected to be up around 12%, is offset by the downturn in revenues from ITV Studios.
Total revenue was down 7% to £887 million ($1.10 billion), between January and March, compared to £952 million ($1.18 billion) during the same period in 2023.
Within that total, ITV Studios revenues were down by 16% to £382 million (2023: £457 million), “due to the phasing of deliveries which are heavily weighted to H2 and the expected impact from both the 2023 U.S.
writers and actors strikes and the weaker demand from free-to-air broadcasters in Europe who have been holding back spend until they see more certainty in the advertising market,” the broadcaster said.
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