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ITV Plans Extra $26M In Cost Savings As 2023 Hollywood Labor Strikes Hit Studios Revenues
ITV is planning an additional £20M ($25.9M) in cost savings, as impacts of the 2023 Hollywood labor strikes hit its production arm.
UK network ITV is planning an additional £20M ($25.9M) in net cost savings, as impacts of the 2023 Hollywood labor strikes hit its production arm and broadcaster demand dropped. Lower demand from free-to-air broadcasters in Europe also hit the figure, but ITV Studios still delivered seasons of My Mum Your Dad, Queer Eye, Love Island and Showtrial during the accounting period. Studios has great creative and commercial momentum as demonstrated in the last few weeks with shows including Rivals for Disney+ and Ludwig for the BBC and is on track to deliver good revenue growth in 2025 and 2026.
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