ITV Reports Doubling of Pre-Tax Profits Driven by Studios and Streaming Growth

The broadcaster's 2024 results highlight record production earnings, digital expansion, and ongoing cost-saving measures despite revenue declines.

ITV's pre-tax profits surged to £521 million in 2024, more than doubling from £193 million in 2023, supported by strong performance at ITV Studios and digital growth.
ITV Studios achieved record profits with major hits like 'Fool Me Once' for Netflix and 'Rivals' for Disney+, despite a 6% revenue dip partly attributed to the U.S. writers' strikes in 2023.
Streaming platform ITVX saw a 12% increase in digital viewing and a 15% rise in digital ad revenue, though paid subscribers dropped by 23% to 1 million as ITV shifted focus to its ad-supported model.
The company completed a £60 million cost-saving program in 2024, a year ahead of schedule, as part of broader restructuring efforts aimed at improving resilience and efficiency.
Looking ahead, ITV forecasts revenue growth for its Studios division in 2025, though profit margins are expected to be slightly lower due to shifts in sales mix and market recovery dynamics.