ITV revenue drops £50m despite 75% increase in online viewership

A UK broadcaster has reported a £50m drop in revenue for the first quarter of the year.

ITV, which owns six channels and two streaming services, saw total external revenue drop by 7 per cent, going from £743m to £694m.

The company said that the decrease was largely due to the phasing of deliveries and restrictions on working practices during the pandemic, as well as a “significant impact” on the demand for advertising.

However, it also reported that its online viewership has risen by 75 per cent, reflecting the demand for entertainment while more people stay in their homes.

Carolyn McCall, ITV’s chief executive, commented: “ITV has taken swift and decisive action to manage and mitigate the impact of COVID-19, by focusing on our people and their safety, and by continuing to reduce costs and tightly manage our cashflow and liquidity.

“We are also ensuring that we continue to inform and entertain our viewers and stay close to our advertisers.

“Everyone at ITV has responded extremely well to the challenges we are facing.

“We are now very focused on emerging from this crisis in a strong position, continuing to offer advertisers effective marketing opportunities and making preparations to restart productions safely.”