ITV expects 2021 advertising revenue to hit record high – Reuters

Forecasts 24% leap in full-year advertising revenueBroadcasting and studios divisions beat pre-pandemic performanceOverall revenue up 28% for first nine months of 2021Shares jump by 10%<p data-testid="paragraph-0" class="Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large…….

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  • Forecasts 24% leap in full-year advertising revenue
  • Broadcasting and studios divisions beat pre-pandemic performance
  • Overall revenue up 28% for first nine months of 2021
  • Shares jump by 10%

LONDON, Nov 10 (Reuters) – ITV (ITV.L), Britain’s biggest free-to-air commercial broadcaster, expects strong demand from the recovering economy to drive advertising revenue to a record high this year, it said on Wednesday.

The company, which made “Vigil”, “Endeavour” and “Love Island”, said both its broadcasting and production businesses had recovered from the effects of the COVID-19 pandemic. Revenue at both divisions in the nine months to Sept. 30 exceeded levels for the same period last year and in pre-pandemic 2019.

ITV reported overall revenue for the nine months to Sept. 30 of 2.38 billion pounds ($3.2 billion), up 28% year on year.

Chief Executive Carolyn McCall described the performance as an “outstanding” nine months “by any standards”.

Shares in the company jumped as much as 10% in early trade to a 12-week high of 121 pence.

The company said it expects advertising revenue to grow by 24% this year, helped by a buoyant market and the ability to deliver millions of viewers on its main channels and targeted audiences on video on demand.

McCall has focused on improving the broadcaster’s video-on-demand offer, which had fallen short of standards set by streaming specialists such as Netflix (NFLX.O).

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Source: https://www.reuters.com/business/media-telecom/itv-says-2021-ad-revenue-will-rise-24-record-level-2021-11-10/

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