ITV reported a 7% decline in first-quarter revenue, while ITVX grew streaming usage and digital ad revenue rose, leading the company to prioritise cost-cutting.
ITV Plc (LSE:ITV) appears to be following the broader trend for so-called ‘legacy’ media, with the British broadcaster seeing growth online but tough trading in its traditional TV business.
The TV company today reported a 7% decline in first-quarter revenue, which amounted to £887 million.
The company’s streaming platform, ITVX, grew its audience by some 16% when counted in ‘streaming hours’, and it also saw a 14% improvement in digital advertising revenue.
ITV is now focussing its attention on cost-cutting, whilst pinning hopes on England and the upcoming European football championship in June – the idea is that on-pitch success for Gareth Southgate’s England team will translate into a feel-good summer spending spree for advertisers.
It is among the rare times that ‘terrestrial’ TV broadcasters are able to capture live football audiences, ITV may be set for significantly higher viewership as it splits the 51-game tournament with the BBC.
In London, meanwhile, the City was supportive with the share up 1.78% closing the session at 75.68p.
