ITV reached another strong quarter earlier this year, surpassing total revenue for the estimate of £ 1 billion ($ 1.2 billion). ITV StudiosThe contribution has grown by 23%, and the network said it is still on track to launch ITVX in late 2022.
Total revenue rose from around £ 856 million to just over £ 1 billion, including a 13% increase in the media and entertainment (broadcasting) division and more than a 23% increase to £ 458 million in ITV Studios (production and spread), which targets 5% annual increments per year over the next five.
Total advertising revenue increased 16% to £ 468 million, while revenue from digital resources, a key area of focus, rose 24% to £ 82 million. Advertising is expected to decline later this year as last year’s results included the lucrative European Football Championship.
ITV Studios noted that next quarter will be an “exciting network of scripted and unrecorded programs”, including BBC / Amazon. Robbers, The sky Jang and Benjamin Franklin’s drama for AppleTV +.
Meanwhile, ITVX, a new streaming service that is essentially a developed form of the current ITV Hub VoD player, is still on track to launch in the 4th quarter, and ITV has increased the number of hours available to broadcast on 50% in the first quarter to 6,000, purchasing major U.S. shows, including Sex Life of Female Students, OC and The hill of one tree.
ITV CEO Carolyn McCall said today’s update “provides a solid foundation for ITVX, our free advertising-funded streaming service,” and the network “remains confident” that the revenue target of £ 750 million will reach $ 20 million a year26.
McCall also used his statement to welcome the UK government’s move to revise UK celebrity legislation, which would mean that the ITV Hub (soon to be ITVX) should be placed on the front page of likes on smart TVs and set-top boxes. This law was published in Parliament yesterday and also includes the sale of Channel 4.