ITV Studios drives 5% revenue rise for ITV

ITV has released a trading update for Q1, revealing that its revenue has risen by 5%, driven by 11% growth in ITV Studios revenue and 41% in online revenue.

ITV chief Carolyn McCall (pictured) revealed that total external revenue is up 5% at £772 million, up from £734 million at the same time last year.

Total ITV Studios revenue is up 11% at £382 million up from 343 million last year, with organic revenues up by 9%.

“ITV Studios has delivered a strong performance. We have a solid slate of new and returning programmes internationally for both broadcasters and OTT platforms with Unforgotten, The War of the Worlds, Snowpiercer, Good Witch, Suburra, The Voice, The Chase, Big Star’s Little Star, Queer Eye for the Straight Guy, The Four and Forged in Fire,” said McCall.

Online revenue is the biggest driver of growth by far contributing to 41% of revenue growth. McCall said: “Over the full year we are on track to deliver double digit growth in online revenue and good organic revenue growth in ITV Studios.”

Strong performers for the broadcaster include Coronation Street and Emmerdale, as well as the return of Dancing on Ice and Saturday Night Takeaway.

The broadcaster is putting its bets on Britain’s Got Talent, the Football World Cup and the return of Love Island to do well as the year continues. Upcoming drama Vanity Fair is also billed as an upcoming ratings drawer.

McCall attributes the strong results to a ‘strategic refresh’ taken by the company after ITV’s full-year profits for 2017 fell.

She said: “The strategic refresh is progressing well with great input and engagement from ITV people across the business. I look forward to sharing an update at our interim results in July.”