ITV is 'emerging from the worst effects of the pandemic,' says CEO Carolyn McCall after the U.K. TV giant reported its highest June ad revenue ever. More:
U.K. TV giant ITV reported a 27 percent increase in external revenue in the first half of the year as advertising revenue jumped 29 percent for the period after a 6 percent drop in the opening quar…
The company also said that revenue for its production arm ITV Studios rose 26 percent in the first half of the year.Ad revenue for the first six months of 2021 amounted to £866 million ($1.2 billion), up from the £671 million reported in the coronavirus pandemic-hit comparable period of 2020, but also exceeding the £849 million recorded for the period in 2019.
“Our first-half results demonstrate that ITV is emerging from the worst effects of the pandemic,” said McCall. “We’ve continued to implement our key strategic priorities and have further strengthened the business.” She noted that within advertising, “total video on demand advertising” was up 55 percent.
“We are now a more flexible, more efficient and more digital business,” added the CEO. “We have successfully completed the first phase of our ‘More Than TV’ strategy and look forward to building on this platform to accelerate our transformation to a digitally led media and entertainment company.” headtopics.com
Looking ahead, McCall said: “We are optimistic about the future, despite the ongoing pandemic risk on our advertising and ITV Studios revenues.”And she said that because “the dividend is important to our shareholders,” ITV plans to return to a “progressive dividend policy” based on its existing small dividend, “which we expect to grow over time” now that the worst of the pandemic seems to be behind the company. Management had curtailed its spending in the early stages of the pandemic to preserve the company’s financial flexibility.
Earlier this year, the company said its BritBox streaming joint venture with the BBC reached half a million U.K. subscribers in January and has hit more than 2.6 million global subscribers overall. Read more: Hollywood Reporter »
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