ITV’s profits are set to almost halve amid a slump in advertising, City forecasts show.
The broadcaster – whose shows include Love Island and Mr Bates Vs The Post Office – is expected to report earnings of £363million for 2023.
ITV made around £672million the previous year.
Smash hit: Mr Bates vs The Post Office was a huge success for ITV – but forecasters believe the broadcaster will report profits have halved
Chief executive Carolyn Mccall has declared it is the ‘worst advertising recession’ since the global financial crisis in 2008.
The company expects full-year advertising to fall by 8 per cent compared with 2022, when revenues were slightly boosted by the football World Cup.
Profits will also be hit by investments ITV has made into its streaming platform ITV X.
McCall has said 2023 would be the ‘peak’ year for spending on ITV X, though it has never specified the exact costs.
ITV hopes the advertising-funded platform, which can be viewed ad-free for a subscription fee, will offset a fall in the number of those watching its traditional television channels.
ITV on Friday sold its 50 per cent stake in Britbox International, a streaming service, which offers British programmes outside the UK, to BBC Studios for £255million.
McCall said it means ITV can focus on ITV X and on growing its own studios division.
