ITV, the British broadcaster, reported a rise in revenue for the first nine months of 2023. The increase was driven by growth in digital advertising revenue and its studios arm, compensating for the expected decline in traditional television advertising.
According to ITV, total revenue reached £2.975 billion ($3.66 billion), compared to £2.95 billion in the previous year. ITV Studios revenue saw a notable increase of 9% to £1.52 billion.
On the other hand, Media and Entertainment revenue experienced a 7% decline, as projected. Meanwhile, digital advertising revenue surged by 25% to £283 million.
In the quarter, streaming service ITVX witnessed a remarkable 27% growth in streaming hours and a 23% increase in digital revenue.
Despite anticipating an 8% decline in total advertising revenue for the full year 2023 due to market challenges, ITV remains optimistic about its Studios revenue, projecting a 3% growth. Additionally, the company expects Studios to deliver a minimum average organic revenue growth of 5% per year until 2026.
ITV continues to prioritize cost reduction, aiming for additional savings beyond their current target of £50 million by 2026.
