The U.K. TV giant, led by CEO Carolyn McCall, reports its fourth-quarter and full-year results.
At the group’s media and entertainment arm, revenue climbed, with advertising revenue down by 1 percent from a company record set in 2021. “As ever, the fourth quarter was the strongest quarter in absolute terms, and was flat year‑on‑year, with both the lead up to Christmas and the FIFA World Cup benefiting advertising revenue,” the company said. “The full year was down 1 percent, as previously guided, and was the second‑highest outturn in ITV’s history.
In November, the firm had reported a 14 percent drop in third-quarter advertising revenue amid difficult year-ago comparisons and continued economic “uncertainty.” That left its ad revenue down 2 percent for the first nine months of 2022, leading the company to predict, thanks to a strong final quarter of the year, helped by the soccer World Cup, an ad decline of 1-1.5 percent for the full year.
ITV said its total advertising revenue, which includes TV and digital advertising, as well as sponsorships, is forecast to be down around 11 percent in the current first quarter, with January down 9 percent, February down 9 percent and March down around 16 percent compared to the same periods in 2022. “The first quarter is expected to be down around 1 percent compared to 2019” before the COVID pandemic, the firm said.
McCall has been betting on a “digital first” content strategy. As part of that, ITV late last year launched ITVX, the U.K.’s first AVOD/SVOD platform. Viewers are able to watch thousands of hours of content for free in an advertising-funded tier or choose a subscription service that provides all that content ad-free. This streaming push is part of a target to double digital revenues to 750 million pounds by 2026.
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