The Rugby World Cup helped to lift ITV’s advertising revenues in the third quarter, as the broadcaster steadied its performance to report modest growth at the higher end of its guidance.
ITV shares have been on an improving trend since August, after the home of Love Island and I’m a Celebrity beat expectations and started to stem the decline in its main revenue stream.
But it has long struggled to retain the confidence of investors, with its stock almost halving over the past three years. Like other commercial broadcasters, it is facing pressure from a decline in advertising spending and the accelerating shift of audiences from traditional television to online services.
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Britain’s biggest commercial free-to-air broadcaster said advertising revenues rose by 1 per cent in the third quarter, at the top end of the forecast range. Carolyn McCall, ITV chief executive, expected this to be flat or up by 1 per cent in the final quarter of the year, while noting “the economic environment continues to be uncertain”.
To better cope with the transformation of its traditional business, ITV has expanded its production arm, invested in its advertising services, and last week launched Britbox, its majority owned subscription streaming service that includes content from all the public service broadcasters.
Revenues at ITV Studios, the broadcaster’s production business, are expected to grow by at least 5 per cent for the for the full year, boosted by its America arm and the sale of Love Island US. But ITV warned that the expected schedule of work would “adversely impact” the performance of the studio in 2020.
ITV also announced the launch of its new advertising platform Planet V, which will give advertisers more control in buying campaigns to run on ITV Hub, the broadcaster’s video-on-demand service.
Shares rose 2 per cent in early trading.
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November 12, 2019 at 03:35PM
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Rugby World Cup boosts ITV’s advertising revenue - Financial Times
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