ITV Plc reported a resilient first half of 2025, driven by strong growth in its global production arm, ITV Studios, even as challenges persisted in the advertising market and digital streaming. According to the broadcaster’s interim report for the six months ending 30 June 2025, total external revenue reached £1.652 billion, up 2% from £1.621 billion in H1 2024. This modest increase was largely powered by a 9% year-on-year surge in revenue at ITV Studios, which climbed to £1.009 billion, surpassing the £1 billion mark for the first time in a half-year period.
Carolyn McCall, ITV’s Chief Executive, emphasized the importance of this milestone, stating, “ITV Studios has now delivered growth in every half year period since 2020 and is on track to meet its target of growing ahead of the market over the medium term.” Adjusted EBITDA for the Studios division also rose 5% to £118 million, reflecting healthy margins and continued demand for its content across linear broadcasters and streaming platforms alike.
The growth in production revenues helped cushion the impact of a 9% decline in total advertising revenue, which dropped to £849 million. Within this, digital advertising revenue saw only a modest 1% increase, totaling £179 million, reflecting broader market caution amid economic uncertainty. Total Media & Entertainment (M&E) revenue fell by 4% to £1.08 billion, highlighting ongoing structural shifts in traditional broadcasting.
ITVX, ITV’s flagship ad-funded streaming platform, delivered mixed results. Monthly active users grew by 14% to 13.9 million, and total streaming hours rose by 6% to 737 million, indicating improved user engagement. However, total digital revenue was flat at £199 million, underlining the ongoing challenge of translating usage growth into monetizable gains. McCall acknowledged, “While we are not immune from the impact of the advertising market, we are on track to deliver our 2026 KPI targets for digital revenue and digital viewing.”
ITV reported adjusted Group EBITDA of £246 million, down 4% from £257 million in H1 2024. Statutory profit before tax also dipped slightly to £110 million from £118 million a year earlier, while net debt increased to £704 million, up from £623 million, largely due to ongoing investments and share buybacks.
Despite current headwinds, ITV reiterated its full-year 2025 guidance, including expectations that ITV Studios will generate at least £2 billion in revenue, with an adjusted EBITDA margin in the range of 13–15%. The company also reaffirmed its confidence in meeting its 2026 targets of at least £750 million in digital revenue and a 20% share of digital viewing.
Looking ahead, ITV plans to continue expanding ITV Studios’ international footprint while evolving ITVX’s product offering. “We remain committed to executing our strategy to transform ITV into a leader in UK advertising-funded streaming and an expanding global Studios business,” said McCall.