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ITV Studios Revenues Down As Impact Of Hollywood Strikes Bites
UK network ITV has posted Q1 revenues down 7%, as its studios division felt the impact of last year's Hollywood labor strikes.
Total revenue at ITV Studios, which makes the likes of Love Island and Mr Bates Vs the Post Office were £382M, down on the £457M in the same period last year. According to ITV, this was “due to the phasing of deliveries which are heavily weighted to H2 and the expected impact from both the 2023 U.S. writers and actors strikes and the weaker demand from free-to-air broadcasters in Europe who have been holding back spend until they see more certainty in the advertising market.” ITV is expecting Studios’ full year revenues to be broadly flat, with the writers and actors strikes offsetting growth elsewhere by delaying around £80M of sales until 2025, guidance it has previously provided.
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