‘Love Island’ Broadcaster ITV Grows Total Revenues 6% To Reach $2.9BN For First Nine Months Of 2022

09.11.2022 - 16:19 / deadline.com

UK broadcaster ITV saw its revenues reach £2.52BN ($2.89BN) for the first nine months of this year, up 6%.

In a trading update, ITV noted Love Island producer ITV Studios had grown its revenues 16% year-on-year, to £1.39BN from £1.19BN for the same period last year. The broadcaster pointed to a range of new and returning shows such as A Spy Among Friends, Hell’s Kitchen USA, Let The Right One In and The Voice Germany. 

There was no mention of reports that ITV might look to sell a part of ITV Studios to kickstart its share price, which has fallen from nearly £114 at the start of the year to £68.50 today.

However, ITV CEO Carolyn McCall said: “ITV Studios continues to outperform the growing content market and will exceed 2019 revenues in 2022. It’s on track to deliver on all of its KPI targets and has a formidable slate to power it into 2023 as we further diversify the business by genre, geography and customer.”

Total non-advertizing revenues were up 13% at £1.62BN – a welcome result as ITV prepares to switch its current streaming service ITV Hub to new brand ITVX next month. This morning, we revealed ITVX had commissioned Joan, a jewel thief drama starring Sophie Turner.

Media and entertainment revenue was down 2% at £1.56BN with total ad revenues down by the same amount, as expected. However, digital advertizing was up 13% to £227M by the end of September.

ITV said it expects to exceed pre-pandemic revenue levels across full year 2022 and that ITV Studios would deliver more revenue growth than a 5% medium-term target for 2023.

On the upcoming streaming changes, McCall said: “We are making good progress on our new, free, ad-funded streaming service ITVX, which will be rolled out across devices and platforms in the