ITV PLC reported a first-quarter total external revenue of £887 million for 2025, in line with expectations, as the company continues to execute its “More Than TV” strategy amidst a challenging macroeconomic environment and growing geopolitical uncertainty. Total ITV Studios revenue reached £457 million, down 7% year-on-year, primarily due to the phasing of deliveries, with a stronger second half of the year anticipated. Media & Entertainment (M&E) revenue rose slightly to £430 million, a 2% increase compared to Q1 2024, reflecting growth in digital advertising and ITVX.
Carolyn McCall, ITV CEO, emphasized the company’s steady operational performance and commitment to long-term growth despite external pressures. “ITV’s Q1 performance is in line with expectations and we remain on track to deliver our full-year goals,” McCall said. “ITVX continues to build on its strong first year and in Q1 2025 it delivered double-digit growth in both digital viewing and digital advertising revenues. We are also seeing growth in Studios, with a strong pipeline of programmes and 95% of expected revenues for the year already committed.”
ITVX, the company’s streaming platform, continues to show momentum, with digital viewing up 16% and digital advertising revenue rising 14% in the quarter. ITV Studios, while experiencing a temporary revenue dip due to delivery timing, remains a core pillar of the group’s diversification strategy. The division has already secured 95% of its full-year revenue target, underlining its robust international demand and pipeline stability.
The company noted it is closely monitoring the potential impact of proposed US tariffs on UK film and television content as part of a World Trade Organization dispute. McCall addressed the issue directly: “We are assessing the potential impact of proposed US tariffs on UK film and television content. However, given the strength of our business in the US and our diverse global partnerships, we are confident in our ability to manage the risks and seize future opportunities.”
ITV also reiterated its focus on cost discipline and strategic alignment. The company confirmed it is undertaking a group-wide review to further simplify its structure, improve efficiency, and drive long-term value creation. This includes streamlining operations across its Studios and M&E divisions while leveraging the digital growth trajectory of ITVX.
Despite ongoing economic headwinds, ITV remains committed to its full-year guidance and expects H2 performance to outweigh the softer Q1 results, particularly as content deliveries accelerate and advertising markets stabilize. The broadcaster has also maintained its dividend and capital allocation strategy, reinforcing investor confidence in its resilience and adaptability.
Carolyn McCall concluded, “We are making good progress in executing our strategy and strengthening ITV’s position as a leader in both free and digital television. We remain focused on driving profitable growth while navigating the dynamic media landscape with agility and ambition.”