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ITV PLC on Wednesday reported a first-quarter revenue rise, as it looks towards to the launch of its video streaming service later this year.
The television broadcaster and programmer producer's total external revenue in the three months to March 31 climbed 18% to £834 million. ITV Studios revenue was up 23% to £458 million. Media & Entertainment revenue was up 13% to £545 million, aided by total advertising revenue rising 16%.
It was a ‘robust operational and financial performance’, Chief Executive Carolyn McCall said.
‘We are focused on the three core drivers of value for ITV. We are growing Studios with a strong quarter and an exciting pipeline of scripted and unscripted programmes as we further diversify the business by genre, by geography and by customer and grow ahead of the market. In Media & Entertainment, we maintained the strength of our linear business, where we secured 93% of the largest commercial audiences,’ McCall added.
ITV noted its second and third quarters face tough advertising comparatives as a result of the European Championships of football last summer. Advertising revenue is expected to fall about 6% in the second quarter from a year prior, with June in particular to see a 9% drop.
ITV noted it is on track to deliver its planned £17 million cost saving target for 2022.
In addition, it is also looking towards the launch of ITVX, its free, advertising-funded streaming service. This will launch in the fourth quarter of 2022.
ITV announced the planned launch of the platform in March, as part of a plan to make it a serious player in the streaming arena, where it competes with the likes of Netflix Inc, Walt Disney Co and Amazon.com Inc.
On its digital offerings, ITV said it is confident of delivering revenue of £750 million by 2026.
ITV shares were 0.7% higher at 67.50 pence each in London on Wednesday morning.
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