ITV Faces Revenue Decline Amid Hollywood Strikes, Plans Additional £20M Cost Cuts

The broadcaster's production arm sees a significant revenue drop, prompting further cost-saving measures to offset the impact of the 2023 Hollywood labor strikes.

• ITV's group revenues fell by 8% to £2.74 billion for the first nine months of 2024, largely due to a 20% revenue drop in its ITV Studios division.
• The Hollywood writers' and actors' strikes have delayed around £80 million in revenues to the next financial year, affecting ITV's production schedule.
• ITV plans to implement an additional £20 million in cost savings, including £10 million in content cost reductions, to mitigate financial impacts.
• Despite the setbacks, ITV Studios is expected to achieve record earnings before interest, taxes, and amortization for the full year 2024.
• ITV's streaming service, ITVX, showed resilience with a 14% increase in streaming hours and a 15% rise in digital advertising revenue.

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