Aug 6, 2020
ITV profits wiped out as pandemic hits ad revenue
Profits at Britain's biggest free-to-air commercial broadcaster have tumbled as advertising revenues and production of shows were hit by the pandemic. ITV said on Thursday it has restarted production on around 70% of its TV shows as lockdown measures have been eased. The company said it had beaten its target for the number of BritBox subscribers, the digital subscription service it created with the BBC. "While our two main sources of revenue - production and advertising - were down significantly in the first half of the year and the outlook remains uncertain, today we are seeing an upward trajectory with productions restarting and advertisers returning to take advantage of our highly effective mass reach and addressable advertising platform, in a brand safe environment." said Dame Carolyn. ITV Studios paused the majority of its productions globally in mid-March as a result of Covid-19 restrictions, resulting in a 17% decline in studio revenue to £630m. It restarted production on its popular soaps Coronation Street and Emmerdale in June. ITV said that of the 230 productions impacted or paused by the lockdown, about 70% have been delivered or were back in production.
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