The ongoing fallout from the Philip Schofield scandal has led ITV to experience a staggering advertising revenue plunge over the first half of 2023, according to its half-yearly results.
The broadcaster’s djusted earnings have fallen by a whopping 52% in the six months to June this year, with chief executive Dame Carolyn McCall warning that the market was currently in the grip of the “the worst advertising recession we’ve seen since the global financial crisis.”
In total, ITV’s advertising revenue was down 11% over the first half of the year, dropping to £811 million. Pre-tax profits also suffered a significant 60% drop, down to £118m as the broadcaster continues to put out uncomfortable fires caused by the extensive fallout cause by erstwhile star presenter Schofield’s ‘indiscretions’.
“Even though we’re a global company, a large part of our business is in the UK, and so the catalyst there will be consumer confidence, business confidence, interest rates coming down, inflation coming down and much better advertising markets,” McCall continued.
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‘Looking forward we see a more encouraging outlook as advertisers build their campaigns around the large streaming and linear audiences expected to be drawn to the Women’s World Cup, the Rugby World Cup and the eagerly anticipated return of Big Brother.’
She added: “The continued momentum behind ITV’s strategic transformation delivered strong growth in Studios and digital revenues in the first half of the year, largely offsetting the expected weakness in the U.K. advertising market — with total revenue declining just 1 percent in H1, even in a very tough advertising market.”
The broadcaster’s production arm however experienced a markedly more positive six months, experiencing an 8% bump in revenue to £1 billion – led no doubt by immensely popular flagship shows such as Love Island and The Chase.
