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ITV Half-Year Profits Slump Amid “Challenging” Advertising Market – The Hollywood Reporter

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U.Okay. community ITV has posted a drop in its interim earnings, citing a “challenging” promoting market and deliberate funding in its video on-demand service ITVX.

In its half 12 months monetary outcomes, launched on Thursday, the broadcaster confirmed that complete exterior revenues had fallen 2 % to £1.63 billion ($2.11 billion).

Earnings earlier than curiosity, taxes, and amortization (EBITA) had been £133 million, a plunge from £295 million throughout the identical interval final 12 months. Statutory revenue earlier than tax hit £45 million, a pointy drop from the £219 million it declared in its 2022 half yearly outcomes.

Media and leisure income fell 9 % to £964 million, with complete promoting income down 11 %. Inside this, digital promoting income was up 24 % to £179 million.

At ITV’s manufacturing arm ITV Studios, income was up by 8 % to £1 billion, pushed by the U.Okay. Excessive-end scripted output was all the way down to 109 hours from 133 hours within the first half of 2022, one thing ITV mentioned was resulting from phasing of deliveries. In the meantime, income per hour of scripted content material elevated year-on-year, and ITV claimed it full-year of high-end scripted hours had been anticipated to exceed 2022.

“The continued momentum behind ITV’s strategic transformation delivered strong growth in Studios and digital revenues in the first half of the year, largely offsetting the expected weakness in the U.K. advertising market – with total revenue declining just 1 percent in H1, even in a very tough advertising market,” mentioned Carolyn McCall, ITV chief govt. “We remain on track to achieve all our KPI targets which gives us confidence we will deliver at least £750 million of digital revenue by 2026. As we said at the full year results in March, 2023 is the year of peak net investment in our streaming business and we expect profit to grow from here.”



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