Studio boost for ITV's revenues
Thursday 10 May 2012
ITV got a boost yesterday as it reported a 61 per cent jump in first-quarter revenues at its programme-making arm ITV Studios, which is responsible for shows such as I'm A Celebrity and drama series Titanic.
The growth at ITV Studios helped offset a 1 per cent slide in advertising in the first three months of the year at a time when Britain slipped back into recession. Group revenues rose by 13 per cent to £565m.
Chief executive Adam Crozier admitted ITV Studios was flattered by the fact that it makes breakfast programme Daybreak in-house, unlike its predecessor, GMTV, which was made externally.
Mr Crozier has invested heavily in ITV making its own shows and selling them overseas to reduce reliance on advertising.
Titanic was sold to at least 86 countries although ratings disappointed in the UK.
ITV, which held its annual meeting yesterday, was "confident" about the second quarter.
Advertising revenues for the half-year should be up 3 per cent, with Euro 2012 set to give a lift of up to 17 per cent in June.
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