ITV Studios Faces Revenue Challenges Amid 2023 Hollywood Strikes
Despite a modest increase in advertising revenue, ITV Studios reports a significant drop due to last year's strikes and cautious spending by European broadcasters.
- ITV Studios' revenue fell 16% in Q1 2024, influenced by the U.S. writers' and actors' strike and reduced European broadcaster spending.
- Total ITV revenue decreased by 7% to £887 million in the first quarter of 2024 compared to the previous year.
- ITV anticipates a flat revenue trajectory for the Studios segment throughout 2024, with recovery expected in the second half of the year.
- Digital platforms like ITVX show robust growth, with a significant increase in streaming hours and digital advertising revenue.
- ITV's cost-saving initiatives aim to deliver £40 million in savings in 2024, aligning with broader strategic goals.
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