ITV reported a dip in profits for 2023, with a 2% overall decrease and a significant 32% tumble in profits, amidst a challenging advertising market where ad revenue dropped by 8%. Despite the decline in traditional advertising revenues, which fell by 15%, ITV's production arm, ITV Studios, saw record results and growth, indicating a shift towards digital and streaming platforms. The broadcaster has initiated a 'Strategic Restructuring & Efficiency Programme' to address these challenges. Additionally, ITV's CEO highlighted the impact of Hollywood strikes as a temporary setback and expressed optimism about the advertising market's recovery. The use of generative AI as a 'co-pilot' for creatives was also mentioned as part of ITV's future strategy.
Profit at ITV’s fell in 2023 as advertising revenues from “linear” (traditional) TV slumped by 15%. Easy to see why. In 2013, 828 ITV linear programmes were watched by 5 million+ people, last year there were 82. The switch to streaming became a stampede in last 3 years... https://t.co/eC0K71LXff
ITV CEO calls generative AI a "co-pilot" for creatives, sees ad market improvements, touts streaming outlook https://t.co/vlMC8n0oVa
ITV Bosses Predict Post-Strike Commissioning "Blip" & Describe Generative AI As A "Co-Pilot" For Creatives https://t.co/DHoQpfvnY6
ITV annual profits drop amid 'severe decline' in advertising https://t.co/D2Kgj44Nrr
ITV's CEO discussed the impact of Hollywood strikes on production arm ITV Studios: "We are seeing this as a blip" https://t.co/WEWicu1ufW
ITV sees "more confidence in the ad market," says 2023 growth in production and streaming "substantially offset the challenging linear TV advertising market conditions" https://t.co/tSH5pfMiYQ
ITV Profits Tumble By 32% But Green Shoots In Production Division As Broadcaster Kicks Off "Strategic Restructuring & Efficiency Programme" https://t.co/WB2nLuhqFW
ITV Unveils Restructuring Program as 2023 Studios Results Hit Record, Ad Revenue Drops 8 Percent https://t.co/wJzKwnU9wJ
ITV Revenues, Profits Decline in Tough Advertising Market, Digital, Studios Business Grows https://t.co/QZskZp6wae
ITV Profits Dip 2% for 2023 While Production Arm ITV Studios Climbs https://t.co/9MvmpKjhUr