ITV Turnover Dips 2% for 2023 While Production Arm ITV Studios Climbs With Hits Including ‘Fool Me Once’
07.03.2024 - 07:51
/ variety.com
K.J. Yossman U.K. commercial broadcaster ITV’s annual results for 2023 were revealed Thursday.
Total group revenue was down 2% and total external revenue was down 3% to £3.6 billion ($4.6 billion). Total revenues at ITV Studios, which produces shows including “Fool Me Once” and “Love Island,” grew 4%. The U.K.
media conglomerate also revealed linear advertising had dropped by 15%. The group adjusted EBITA (Earnings Before Interest, Taxes and Amortization) was down 32% to £489 million, reflecting the decline in linear advertising revenue and investment in streamer ITVX. EBITA was £404 million, down from £668 million in 2022.
Statutory profit before tax was £193 million down from £501 million in 2022. There was positive news on the digital front, with streamer ITVX performing strongly. Monthly active users were up 19%, and total streaming hours increased by 26%, which drove 19% growth in digital revenues to £490 million.
ITV said it is on track to deliver at least £750 million of digital revenues by 2026. The company said that it expects to marginally reduce content cost in 2024 to some £1.2 billion and increase marketing spend by £15 million to drive both streaming and linear viewing. “We are now in the early stages of a new strategic restructuring and efficiency program across the group to reshape the cost base, enhance profitability, and support the growth drivers of Studios and Streaming.
By the end of 2024 we expect the program to have delivered incremental annualised gross savings of at least £50 million per year, giving a £30 million in year gross benefit in 2024. The ongoing program is designed to deliver further material incremental savings over a number of years,” said CEO Carolyn McCall. “In 2023 we saw the
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