Corrections & AMplifications
This headline was corrected at 0613 GMT. The original incorrectly said studios revenue was Up more than 20%.
By Kyle Morris
ITV PLC said Thursday that first-quarter revenue fell, but that it performed in line with expectations as its total advertising revenue decreased.
The British broadcaster said total revenue for the first quarter fell to 952 million pounds ($1.20 billion) from GBP1.03 billion a year prior.
Total advertising revenue in the quarter fell 10%, as expected and ahead of the wider TV advertising market. Digital revenue grew 29%.
External revenue fell 7% to GBP776 million while ITV Studios revenue was flat at GBP457 million compared with GBP458 million.
Streaming service ITVX sustained its strong launch, with a 49% increase in streaming hours and a 29% growth in digital revenue in the quarter, ITV said.
ITV Studios is on track to deliver mid-single-digit revenue growth over the full year, ahead of the market, the broadcaster said.
For the second quarter, Media & Entertainment is set to see growth in digital advertising, with revenue expected to be up more than 20%. The outlook for total advertising revenue is challenging as expected given the current environment, and forecast to be down 12% in the second quarter, the company said.
“ITV continued to make significant strategic progress in the quarter and all parts of the business performed in line with expectations,” Chief Executive Carolyn McCall said.
Write to Kyle Morris at [email protected]
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