Entertainment
ITV blames Hollywood strike fallout for revenue drop | ITV
ITV has blamed the drop in revenue on the fallout from the US actors' and writers' strike, but expects Euro 2024 football to contribute to a rebound later this year.
The UK's biggest free-to-air TV channel said Hollywood strikes last year hurt the performance of its ITV Studios division, which made shows such as Love Island and Mr Bates vs the Post Office.
ITV said revenues fell 16% to 382 million in the first three months of the year due to delays in commissioning new projects as the industry continued to recover from strikes in the United States. United. ITV previously said the Hollywood strike would lead to an increase of around 80 million in revenue from 2024 to 2025.
Revenue from the studio division is expected to remain broadly flat compared to last year, with the first quarter decline offset by a promising programming portfolio, including Hells Kitchen US for Fox and The Better Sister and Lazarus for Amazon Prime Video.
Despite attracting a large audience with Mr Bates v the Post Office, ITV revealed last month that it had lost $1 million in the flagship Horizon IT scandal drama.
The television and film production industry has faced numerous headwinds, as a slowdown in the advertising market combined with strikes in the United States and falling commissions have left companies struggling. Many film and television directors have been forced to make heartbreaking decisions to retrain.
But ITV shares rose almost 2% after the channel announced advertising had started to resume in the second quarter. The recovery, the statement said, was bolstered by improving consumer confidence and advertisers taking up airtime for UEFA's Euro 2024 soccer tournament in June.
ITV's total revenues in the first quarter fell 7% to 887 million, as growth in total advertising revenue was offset by falling revenues from its studios division.
Total advertising revenue increased 3% in the first quarter, with an increase of approximately 12% expected in the second quarter.
The recovery in advertising revenue is significant for ITV, which was hit hard by last year's sharp fall, reporting a 15% drop in linear TV advertising in 2023. Carolyn McCall, its chief executive, said declared last July that ITV was facing the worst. advertising crisis since the advertising slowdown that accompanied the 2008 financial crisis.
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McCall said on Thursday: “Over the full year, we expect revenues from ITV Studios to be broadly stable. We have a strong programming pipeline, good demand for our quality content as we increasingly diversify our customer base to streamers and the phasing of deliveries is heavily focused on the second half.
ITV has already announced a savings program which it hopes will save €40 million this year, thanks to improved efficiency of its operations and new technology.
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Sources 2/ https://www.theguardian.com/business/article/2024/may/09/itv-blames-hollywood-strikes-revenues-hit-advertising-recovering The mention sources can contact us to remove/changing this article |
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