’s total external revenues declined 2% to £1.63 billion , according to half year financial results released on Thursday.
Earnings before interest, taxes, and amortization plunged to £133 million from £295 million during the same period last year. Statutory profit before tax was £45 million, a steep drop from the £219 million declared during the 2022 half yearly results. Media and entertainment revenue was down 9% at £964 million, with total advertising revenue down 11%. Within this, digital advertising revenue was up 24% to £179 million. Media and entertainment adjusted EBITA was £23 million, down from £194 million in 2022.
Nine formats were sold in three or more countries, as ITV Studios shows continue to travel, including “The Voice,” “Love Island,” “My Mum, Your Dad” and “Come Dine With Me.” Percentage of total ITV Studios revenue from streaming platforms grew from 19% to 27% with commissions or development deals with most of the major streamers. The unit also has a high level of committed revenues for the full year of 89% .