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It´s a consequence of the downturn in advertising market.The company had reported a recovery in the ad market in these results, but the damage has already been done, with McCall previously describing the downturn as the worst since the financial crisis.

Total ITV Studios Q1 revenue was down 16%, reflecting the phasing of deliveries and the expected impact of the US writers’ and actors’ strike, while total ITV Studios revenue for FY24 is expected to be broadly flat.

The company presented the 2023 financial results and reported a 60% decrease in profits related to the decrease in advertising.

ITV expect ITV Studios to deliver at least 5% average organic revenue growth per annum to 2026, having grown organically at 8% on average for the 18 month period from 1 January 2022 to 30 June 2023.

ITV reported its results for the period ended on June 30, revealing that ITV Studios increased revenue by 8%, reaching £1 billion in the first half of the year for the first time with strong and growing global demand for ITV’s content.