Well folks, it looks like ITV is making moves in the TV world. The U.K. TV giant reported a 3 percent advertising revenue gain for the first quarter of 2024. Not bad, not bad at all. And they’re forecasting even stronger growth for the current second quarter. Looks like they’re on the right track!
But hold on, things aren’t all sunshine and rainbows over at ITV. Their Studios unit posted a big drop in revenue. Why, you ask? Well, it seems like the Hollywood strikes have reared their ugly heads once again. The company cited the phasing of deliveries and weaker demand from free-to-air broadcasters in Europe as contributing factors. Bummer.
ITV had previously forecasted that its first-quarter 2024 ad revenue would be up 3 percent compared to the same period in 2023. And wouldn’t you know it, they were right on the money. They also mentioned continued strong growth in digital advertising revenues. Keep it coming, ITV!
Looking ahead, ITV is seeing some positive signs for the second quarter. They’re expecting growth of around 12 percent, thanks in part to the Euros soccer tournament in Germany and strong growth in digital advertising revenues. Go team!
Unfortunately, it’s not all good news for ITV’s Studios unit. Quarterly revenue took a nosedive to £382 million ($477 million). Ouch. But don’t fret, ITV’s core media and entertainment unit saw a 2 percent increase in revenue to £505 million ($630 million). Silver lining?
CEO Carolyn McCall is staying optimistic though. She’s predicting that ITV Studios revenue for the full year 2024 will be “broadly flat,” with good underlying growth offsetting the impact of the Hollywood strikes. The company expects to delay around £80 million ($100 million) of revenue from 2024 to 2025 due to the strikes. Hang in there, ITV!
McCall also highlighted the company’s streaming business, ITVX. She mentioned that it’s been seeing double-digit growth in both digital viewing and digital advertising revenues in the first quarter. Looks like things are looking up in the streaming world for ITV!
So there you have it folks, ITV is navigating the ups and downs of the TV industry like a pro. Let’s see what the rest of 2024 has in store for this TV giant!
