ITV PLC (LSE:ITV)’s total revenue for the first quarter was £887 million, a decrease of 7% compared to the same period last year.
This decline was attributed to a 16% drop in ITV Studios’ advertising revenue, which stood at £382 million, reflecting the phasing of deliveries and the impact of the US film industry strikes.
Digital advertising revenues offset some of these losses by growing by 14%, contributing to a 3% rise in total advertising revenue.
This is expected to increase by a further 12% in the second quarter, benefiting from events like the Euros football tournament in June.
ITVX, ITV's streaming platform, demonstrated strong growth with a 16% increase in streaming hours and a 14% rise in digital advertising revenue.
Chief executive Carolyn McCall said the company is on track to deliver £40 million in cost savings in the year “as part of our strategic restructuring and efficiency programme”.
“We have a strong pipeline of programmes, good demand for our quality content as we increasingly diversify our customer base towards streamers and the phasing of deliveries is heavily weighted to the second half of the year, including Hells Kitchen US, The Better Sister, A.C.A.B, Showtrial and Ludwig."