ITV posted its full-year results on Thursday with a warning that the Coronavirus could impact advertising revenue later this year.
The commercial broadcaster seen a decline in advertising revenue in 2019 although its production arm ITV Studios posted healthy numbers. Total revenues, which includes Broadcast and Studios, was up 3% to £3.31 billion.
Total advertising revenue was down 1.5% to £1.77 billion in 2019 and ITV have warned that early indications are that total advertising revenue will be down 10% in April. This has come due to travel advertisement deferments in the wake of the Coronavirus. ITV say it is too early to assess further implications of the virus.
“We are very focused on building a stronger, more diversified and structurally sound business. The media market is changing rapidly and our strategy continues to evolve to position ITV to take advantage of the opportunities in advertising video on demand (AVOD) and streaming, while mitigating the effect of competition for viewing.” ITV Chief Executive Carolyn McCall
ITV Hub+, the subscription streaming service, now has over 400,000 subscribers and Brit Box US attracting over 1 million subscribers. The UK version of Brit Box, which is a joint venture between ITV and the BBC, is said to be on plan following its launch in November 2019. Yesterday it announced its first original commission in the return of Spitting Image.