Friday, December 2, 2022

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    ITV pins hope on ITVX and the World Cup to recover lost ad revenue

    ITV has registered a 2% dip in total advertising revenues (TAR) in a third-quarter trading update, blaming an exceptionally strong 2021 for the relative slide – but it sees light at the end of the tunnel. 

    Total advertising revenue for the nine months to September clocked in at £1,329m, a decline of £26m from the year before. Looking ahead to its full-year results, ITV expects the decline to moderate to between 1-1.5%, pointing out that this still represents high single-digit revenue growth in comparison to 2019.

    Another bright spot remains digital advertising revenue, with the commercial broadcaster reporting a double-digit rise of 13% to reach £227m by the end of September versus the same period a year before.

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    The broadcaster is pinning its hopes on the Fifa World Cup in the fourth quarter to recover lost ground, as well as the hotly-anticipated roll-out of ITVX, its revamped streaming service.

    The closely-watched advertising metrics precede the roll-out of ITVX in the coming weeks, which promises to cement the status of the network as Europe’s largest free ad-funded premium streaming service by revenue.

    ITV chief executive Carolyn McCall said: “We are making good progress on our new, free, ad-funded streaming service ITVX, which will be rolled out across devices and platforms in the coming weeks with the full launch of new and exclusive content on December 8, in time to reach millions of viewers who will come to ITV for the Fifa World Cup.

    “ITVX will supercharge our streaming business, providing viewers with a content-rich destination rather than a catch-up service and advertisers with valuable addressable audiences at scale.”

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    Home to 10,000 hours of quality content such as Litvinenko starring David Tennant and A Spy Among Friends with Damian Lewis and Guy Pearce, the launch of ITVX is all set for December 8, meeting the desire of advertisers for mass reach and data-led addressable advertising.

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