ITV Reports Mixed 2023 Financial Results Amidst Restructuring Efforts
Despite a decline in advertising revenue and total profits, ITV's Studios division and streaming service ITVX show growth and promise for future profitability.
- ITV's total external revenue fell by 2% in 2023, with a significant 8% drop in advertising revenue.
- The ITV Studios division achieved record revenues and profits, growing by 4% and demonstrating strong market position.
- ITVX, the broadcaster's streaming service, experienced strong growth in viewing and digital revenue in its first year.
- A new efficiency program aims to boost profitability, targeting £50 million in annualized gross savings by the end of 2024.
- ITV sold its stake in BritBox International to BBC Studios, focusing on the growth of ITVX and its production arm.
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