Love Island, suffered a £156 million blow to its earnings during the height of the coronavirus crisis, as the pandemic hit the ad market and shut down production.
ITV’s adjusted EBITA stood at £573M in the full-year of 2020, down 21% on £729M in 2019. Total group revenue dropped 16% to nearly £3.3 billion over the same period of time, according to financial results published Tuesday. Earnings per share fell 22% to 10.9 pence. ITV CEO Carolyn McCall acknowledged the drop in performance, but said the company still outstripped forecasts. “While total revenues and profits were down our financial performance was ahead of expectations driven by a strong end to Q4 and our firm control over costs,” she said.Piers Morgan Slammed By Mental Health Charity After He Dismissed Meghan Markle's Suicidal Thoughts
Ad revenue was £1.57B for the year, meaning it sunk 11% compared with 2019’s £1.76B. Having said that, ITV pointed to encouraging signs in Q4, when ad revenue was up 3% on 2019. The broadcaster predicts ad sales will fall 6% in Q1, but it is now seeing “positive trends,” with April expected to be up between 60% and 75%.
Elsewhere, the company revealed that BritBox, its joint-venture streamer with the BBC, now has 2.6M subscribers across the world. This includes a 50% increase in users in the U.S. and Canada. BritBox UK, which boasts originals including, hit half-a-million subscribers in January.
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