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ITV clings to Love Island and Victoria as ad slump hits profits ITV clings to Love Island and Victoria as ad slump hits profits
(about 1 hour later)
ITV is banking on hits including Love Island and returning drama Victoria to attract viewers as it faces the worst year for UK TV advertising in almost a decade.ITV is banking on hits including Love Island and returning drama Victoria to attract viewers as it faces the worst year for UK TV advertising in almost a decade.
The broadcaster said that TV advertising slumped 8% to £769m in the first half of the year – the worst fall since the final quarter of 2008 – and blaming marketers for holding back budgets due to “ongoing economic and political uncertainty”. ITV’s pre-tax profits slumped 16% to £259m in the first six months of 2017. The broadcaster said TV advertising slumped 8% to £769m in the first half of the year – the worst fall since the final quarter of 2008 – and blamed marketers for holding back budgets due to “ongoing economic and political uncertainty”. ITV’s pre-tax profits slumped 16% to £259m in the first six months of 2017.
June was a particularly tough month, with advertising revenue plummeting 18% year on year against a tough comparison with the same month in 2016, when ITV had European Championship football coverage.June was a particularly tough month, with advertising revenue plummeting 18% year on year against a tough comparison with the same month in 2016, when ITV had European Championship football coverage.
ITV said that it expected to see a better performance in the third quarter with TV ad revenue improving to a 4% decline. ITV said it expected to perform better in the third quarter, with TV ad revenue improving to a 4% decline.
The broadcaster praised the performance of Love Island – which set viewing records for ITV2 and drove its share of advertising viewed by 16- to 34-year-olds, who are flocking away from traditional TV in droves, by 15%. The broadcaster praised the performance of Love Island – which set viewing records for ITV2 and drove its share of advertising viewed by 16- to 34-year-olds, who are leaving traditional TV in droves, by 15%.
Love Island began in early June and ran until Monday night’s final, which brought ITV2’s biggest ever audience with an average of 2.4 million viewers, so should help boost the broadcaster’s performance in the second half of the year.Love Island began in early June and ran until Monday night’s final, which brought ITV2’s biggest ever audience with an average of 2.4 million viewers, so should help boost the broadcaster’s performance in the second half of the year.
“Love Island demonstrates that young viewers engage in great TV content,” said ITV.“Love Island demonstrates that young viewers engage in great TV content,” said ITV.
ITV said that the second half of the year would prove to be better with a “build-up of programme stock”, including Victoria and Cold Feet, set to return to help bolster its advertising performance. ITV said the second half of the year would prove to be better with a “build-up of programme stock”, including Victoria and Cold Feet, set to return to help bolster its advertising performance.
Analysts expect ITV’s ad revenue to be down around 6% for the full year, which will be its worst annual performance since a 9.4% fall in 2009. However, the broadcaster said that it expects to outperform the wider UK TV ad market. Analysts expect ITV’s ad revenue to be down about 6% for the full year, which will be its worst annual performance since a 9.4% fall in 2009. However, the broadcaster said it expected to outperform the wider UK TV ad market.