Mar 5, 2020
Coronavirus hits advertising revenue at ITV
ITV has warned that advertising revenue will be down 10 per cent in April as coronavirus has halted travel companies' spending on marketing. The British free-to-air television network said travel companies had postponed advertising campaigns that had been due to run in March and April. Reporting it's full-year results ending December 2019, ITV said revenues grew 3 per cent to £3.3bn. Advertising revenue was down 1.5 per cent, which was better than the group had previously guided. Profit before tax fell by 7 per cent to £530m. Analysts at Citi called the results "Solid" and said that advertising spend by travel companies would "Hopefully" return in the second half of the year. The new service is a new attempt by ITV to diversify its revenue mix away from a reliance on advertising, with the broadcaster having also built a large production business in recent years.
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