ITV Studios (ITVS) has helped its UK commercial broadcaster parent ITV record a half-year jump in revenue, but the impact of investing in content and tech for soon-to-launch streamer ITVX has hit profits.
The global production and distribution arm of ITV saw revenues rise 16% to £927m ($1.12bn) in the first six months of the year, with EBITA up 31% at £124m, up from £95m last year.
The number of high-end scripted hours produced up 82% (73 hours in 2021, 133 hours in 2022), while ITVS added that format sales into three or more countries in H1 had increased year-on-year from 7 to 9. ITVS’s revenue from streaming platforms grew from 16% to 19%, with the division boasting of commissions or development deals “with most of the major platforms”.
That helped ITV as a group to post “significant revenue growth” of 8% at £1.68bn, but profits (EBITA) were down 3% to…
