On Thursday, ITV – a prominent U.K. television broadcaster – announced impressive records for its ITV Studios production division, posting an earnings figure higher than any previous year. Additionally, they noted a 2% rise in advertising revenue for the entire year of 2024 compared to 2023.
Under the leadership of CEO Carolyn McCall, ITV reported a 4% decrease in its overall revenue from external sources during the past fiscal year. However, the adjusted profit before tax for the same period experienced a significant increase of 23%. This growth is attributed to record profits in ITV Studios, higher profits and improved margins in Media & Entertainment, as well as cost savings.
Or more concisely:
ITV, under CEO Carolyn McCall’s leadership, saw a 4% drop in total external revenue but a 23% rise in adjusted profit before tax for the last fiscal year. This growth was driven by record profits in ITV Studios, increased profits and higher margins in Media & Entertainment, as well as cost efficiencies.
As a gamer, I was anticipating a dip of about 6-7% in ad revenue during Q4 this year, but This projection is based on the continued robust expansion of digital advertising revenues we’ve been experiencing.
In 2024, the total income generated by ITV Studios’ production division decreased by 6%, primarily due to the U.S. actors and writers strikes in 2023, reduced demand from free-to-air broadcasters, and the timing of deliveries. Yet, the studio division’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITA) reached an all-time high of £299 million ($386 million), marking a 5% increase compared to the previous record of £286 million achieved in the preceding year.
In the third quarter, ITV announced a 20% decrease in revenue for ITV Studios. They attributed this to scheduling issues with deliveries and the potential impact of the 2023 U.S. writers’ and actors’ strike.
In early 2024, ITV announced a strategic plan for reorganization and cost efficiency aimed at reducing expenses, boosting profitability, and reinforcing the growth factors in their Studios and streaming sectors. It was predicted that by the end of 2024, this initiative would result in an annual savings of at least £50 million, translating to a £30 million benefit in that same year. McCall stated this at the time. He also mentioned that the program is designed to produce additional significant savings over multiple years.
In November, ITV announced a progress report on their cost reduction strategies, disclosing they aim to achieve an extra £20 million in net savings by 2024. This includes cutting content costs by £10 million and delivering non-content savings that were initially scheduled for 2025 a year early. These developments, along with overall trends, instill confidence that the company will witness an increase in overall profit this year, according to their statement.
On Thursday, ITV announced additional progress, stating they anticipate achieving £60 million ($77 million) in long-term cost reductions by 2024, which is £10 million ($13 million) ahead of schedule. Furthermore, the initiative aims to bring an extra £30 million ($38.5 million) in non-content savings this year.
Three years ago, I shared the second phase of our “More Than TV” vision, and today’s results demonstrate our impressive advancement and triumph in adapting to the dynamic media landscape. McCall stated that ITV Studios has achieved record earnings this year, an accomplishment even amidst the unusual effects of the writers and actors strike, as well as a decreased demand from free-to-air broadcasters. This resilience, diversity, and global creativity within ITV Studios’ production units are evident worldwide.
She noted: “ITVX, the UK’s streaming service with the most rapid growth over the past two years, has been highly effective in boosting digital viewership and revenues. Combined with our programmatic advertising platform, Planet V, it has generated substantial growth. This growth, in turn, offers attractive returns for us. Our cost-cutting measures have yielded savings that have been used to finance growth initiatives, counter inflation, and enhance our profit margins. This program continues, focusing on viewer preferences – maximizing efficiency while strategically investing where viewers are most active, aiming to attract both widespread audiences on linear television and targeted viewers on ITVX.
According to the CEO’s summary, our substantial competitive edges assure us of further progress in both ITV Studios and digital income streams. This growth is bolstered by the robust distribution network and solid cash flow generated from our broadcast operations.
Read More
- Cookie Run Kingdom Town Square Vault password
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- MSNBC’s Rebecca Kutler Takes Over as President
- I Just Found Out How Many Days Of Work Vanna White Actually Puts In For Her $10 Million Salary, And Da-a-ang
- BONE PREDICTION. BONE cryptocurrency
- Maiden Academy tier list
- Chhaava OTT release: Where is Vicky Kaushal and Rashmika Mandanna’s film expected to stream after theatrical run? Find out
- Wizardry Variants Daphne tier list and a reroll guide
- Shakira Hospitalized, Cancels Peru Show Due to “Abdominal Issue”
- Disney’s $60 Billion Plan: What No One Is Talking About!
2025-03-06 10:24