The U.K. TV powerhouse provided a better-than-expected mid-year update, but CEO Carolyn McCall noted, her team was 'mindful of the macro-economic uncertainty.'
Second-quarter ad revenue fell 5 percent, including a 9 percent drop in May and 13 percent decline in June, even though that outperformed a company forecast for a quarterly drop of “around 6 percent.”
The company said that its production arm ITV Studios saw revenue increase 16 percent in the first six months of 2022, “growing ahead of the wider market, as we continue to diversify the business,” CEO Carolyn McCall said. “High-end scripted hours grew 82 percent, and revenue from streaming platforms grew strongly, now accounting for 19 percent of total revenues.”
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