ITV has pointed to Quay Street Productions’ Nolly as one of the highlights of its last quarter.
The broadcaster released a trading update this morning showing that total advertising revenue was down, but digital revenues, grew 29%.
“ITV continued to make significant strategic progress in the quarter and all parts of the business performed in line with expectations,” said Carolyn McCall, ITV Chief Executive.
“ITVX has sustained its strong launch, with a 49% increase in streaming hours and a 29% growth in digital revenue in the quarter. Exclusives, such as Nolly and The Twelve attracted new viewers, 80% of whom went on to explore other content on ITVX. In addition, live simulcast viewing of our biggest shows and sports events, including Love Island and the FA Cup attracted large streaming audiences.”
For the 3 months to March 31st, total external revenue was down 7% to £776m. Digital advertising income increased 30% to £87m.
“ITV Studios continues to demonstrate significant strategic momentum. With a strong pipeline of content and committed revenues, it is on track to deliver mid-single digit revenue growth over the full year, ahead of the market. This follows record revenues in Q4 2022 and with the phasing of deliveries expected to be weighted to the second half of 2023,” continued McCall.
“Total advertising revenue in Q1 was down 10% – as expected and better than the wider TV advertising market. We are looking forward to Q3 with Love Island and the Rugby World Cup set to draw large broadcast and streaming audiences.
“ITV is successfully executing Phase Two of its More Than TV strategy, despite the current challenging macro and geopolitical environment, as we continue to satisfy the growing demand for content globally and the desire for advertisers to secure both mass reach and targeted digital audiences.”
During the period, ITVX streaming hours were up 49%.
