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Hollywood Strikes Ripple Effect Continues as U.K. Broadcaster ITV Sees 8% Drop in Revenue
The 2023 actors and writers strikes continue to ripple through the global industry with U.K. broadcaster ITV posting an 8% revenue drop.
ITV, which is ad-funded, reported that advertising revenue was flat while Q4 is expected to be impacted by uncertainty in the market as the U.K. awaited the Labour government’s first budget. This is in addition the £40 million cost savings plan previously announced as a result of restructuring and the implementation of an “efficiency program.” Coupled with our strategic delivery and revenue outlook, this continues to give us the confidence that we will deliver an increase in group profit this year.”
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