Media and entertainment revenue was down 2% at £1.56BN with total ad revenues down by the same amount, as expected. However, digital advertizing was up 13% to £227M by the end of September.
ITV said it expects to exceed pre-pandemic revenue levels across full year 2022 and that ITV Studios would deliver more revenue growth than a 5% medium-term target for 2023. On the upcoming streaming changes, 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. This will drive significant digital viewing and revenue growth, enabling ITV to deliver at least £750 million digital revenues by 2026.”