Entertainment

ITV Third Quarter Ad Revenue, Streaming – The Hollywood Reporter


British broadcaster giant ITV reported a 14-fold drop in third-quarter advertising revenue amid a tough year-over-year comparison and continued “uncertainty”. That caused its ad revenue to drop 2% in the nine months through September, it said Wednesday.

Even so, the company has predicted a strong final quarter of the year, aided by the soccer World Cup, saying that overall 2022 will see a 1-1.5 drop in advertising. %.

Meanwhile, the company’s ITV Studios unit grew revenue 16% in the first three months of 2022. “ITV Studios continues to outperform the burgeoning content market and will surpass 2019 revenue by 2022. ,” ITV CEO Carolyn McCall said Wednesday. ITV Studios “has delivered a wide range of new and returning shows and formats in the UK and internationally, including A spy among friends, Hell’s Kitchen USA, Let the right person in and The Voice GermanyThe company said.

ITV’s total external revenue for the January-September period grew 6% to £2.52 billion ($2.90 billion), as ITV Studios grew 16% to £1.39 billion ( $1.60 billion). The company said total non-advertising revenue grew 13% to £1.62 billion ($1.87 billion), “accounting for more than 50% of total revenue as we continue to grow and diversify our business.” business”. Total advertising revenue (TAR), which includes digital advertising and sponsorships, fell 2% in nine months to £1.33 billion ($1.53 billion).

ITV’s advertising revenue for the first half of the year grew 5%, but the second quarter fell 5% amid a difficult year-to-year comparison due to good results for last year’s Euro soccer tournament.

“For the nine months to the end of September, (total ad revenue) is expected to be flat from the same period in 2021,” ITV released its forecast at the end of July. “Compared to 2019, nine month is predicted to grow by 8%,” it added when compared with pre-COVID trends.

The current Q4 will see ITV and BBC broadcast matches from the soccer World Cup in Qatar. Industry analysts have also been keeping an eye on how economic challenges are affecting advertising trends. ITV management emphasized at the end of July that it was “mindful” of the macroeconomic clouds and was monitoring them closely, but so far the company has not seen any impact on its economic performance. its advertising business.

In an update on Wednesday, ITV said total advertising revenue (TAR) fell 9 percent in July, 21 percent in August and 14 percent in September. “TAR is forecast to decline by 1% to 1.5% for the full year, with October down 9%, November expected to increase around 3% and December expected to increase around 5-10%. compared to the same period in 2021,” it added.

McCall addressed the advertising outlook again, saying: “While we remain mindful of macroeconomic and geopolitical uncertainty, momentum is strong across both Studios divisions. and Media & Entertainment, as we continue to build a flexible, diverse business that can take advantage of the global growth in quality content demand and advertisers’ desires. advertises both mass reach and data-driven addressable advertising, targeting millions of viewers in the UK. “

Earlier this week, the British TV giant said it would be launching a new free, ad-supported streaming service ITVX, which will replace the ITV Hub in early December.

“We are making good progress on a new, free, ad-funded streaming service ITVX, which will roll out across devices and platforms in the coming weeks with the launch of premieres all new and exclusive content on December 8, just in time for millions of viewers to come to ITV to watch the FIFA World Cup,” said McCall. “ITVX will leverage our streaming business providing viewers with a content-rich destination rather than a catch-up service, and advertisers with a valuable addressable audience at scale.” great. This will drive significant digital view and revenue growth, allowing ITV to deliver at least £750 million ($865 million) in digital revenue by 2026.”

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