ITV PLC (LON:ITV)’s total revenue for the first quarter was £887 million, a decrease of 7% compared to the same period last year.
This decline was attributed to a 16% drop in ITV Studios’ advertising revenue, which stood at £382 million, reflecting the phasing of deliveries and the impact of the US film industry strikes.
Digital advertising revenues offset some of these losses by growing by 14%, contributing to a 3% rise in total advertising revenue.
This is expected to increase by a further 12% in the second quarter, benefiting from events like the Euros in June.
ITVX, ITV’s streaming platform, demonstrated strong growth with a 16% increase in streaming hours and a 14% rise in digital advertising revenue.
Chief executive Carolyn McCall said the company is on track to deliver £40 million in cost savings in the year “as part of our strategic restructuring and efficiency programme”.
