ITV has reported that 2024 group total revenue was down 3 per cent at £4.14 billion (€4.94bn), with growth in total advertising revenue (TAR) offset by the expected decline in ITV Studios revenue. Group external revenue was down 4 per cent at £3,4 billion. Group adjusted EBITA was up 11 per cent in 2024, reflecting record profits in ITV Studios and growth in M&E profits.

Streaming service ITVX continued to perform strongly with digital viewing up 12 per cent and digital advertising revenue up 15 per cent in 2024, delivering “attractive” returns. Streaming hours were up 12 per cent and monthly active users were up 14 per cent driven by the strong
performance of programmes such as Love Island (pictured), Until I Kill You and Euro 2024. By the end of 2025, ITV says it will have recouped the cumulative investment in ITVX, much earlier than anticipated.

The UK commercial broadcaster reported £60 million of permanent efficiencies in 2024, £10 million ahead of plan; the programme continues into 2025 with a further £30 million of non-content savings forecast.

ITV Studios adjusted EBITA was up 5 per cent to £299 million, with a margin of 14.7 per cent (2023: 13.2 per cent) benefiting from high-margin format and catalogue sales, and £25 million of efficiencies in the year. Total Studios revenue was down 6 per cent to £2.03 billion, in line with guidance, impacted by the 2023 Hollywood strikes. ITV Studios is expected to deliver “good revenue growth” in 2025, ahead of the market, with revenue and profit weighted to the second half of the year.

Carolyn McCall, ITV Chief Executive, commented: “Three years ago we announced the second phase of our More than TV strategy and today’s results show our significant progress and success in navigating the rapidly changing media industry.”

“ITV Studios has delivered record profits this year, despite the one off impact of the writers and actors strike and a softer demand from free-to-air broadcasters, which reflects the strength, scale, diversification and creativity of ITV Studios production companies across the world.“

“ITVX has been the UK’s fastest growing streaming platform over the last two years and coupled with our programmatic advertising platform, Planet V, has delivered significant growth in both digital viewing and revenues and is providing attractive returns. Our efficiency programme has delivered savings which have funded growth investments, offset inflation and improved our margins. The programme is ongoing and will continue to be viewer led – driving efficiencies and prioritising our investment to best reflect viewer dynamics and attract both mass reach audiences on linear and targetable audiences on ITVX.”

“Our significant competitive advantages give us confidence that we will continue to deliver good growth in both ITV Studios and digital revenues, underpinned by the powerful reach and strong cash generation of Broadcast. And we are becoming a more resilient business with content production and digital now accounting for close to two thirds of our revenue. Our ongoing transformation ensures we are an adaptable and agile company, well positioned to deliver good profitable growth, strong cash generation and attractive returns to shareholders,” she concluded.

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Categories: Articles, Broadcast, Business, Results

Tags: Carolyn McCall, itv, ITV Studios, ITVX, love island