ITV’s (LON:ITV) share price sunk in early trading on Tuesday, after broadcast and online revenues sunk in the nine months to September.
Total ITV Studios revenue rose 9 percent to £1,009 million over the period, up from £923 million during the same period last year, boosted by good organic growth. However, total external revenue fell 1 percent to £2,132 million with broadcast & online revenues also down 4 percent to £1,470 million.
ITV reiterated that it remained on track to deliver full year commitments for 2017, with good organic revenue growth keeping profit broadly in line with last year.
ITV’s performance was boosted by the attraction of a younger audience, with Online and Pay services achieving double digit revenue growth. Online viewing saw a 41 percent increase, proving that the broadcaster’s investment in digital businesses, including the ITV Hub and Britbox US, may have paid off. ITV Hub has 21 million registered viewers, including around 75 percent of the UK’s 16 to 24 year olds.
Investors failed to be impressed by the broadcaster’s online growth, however, with shares in ITV currently trading down 2.45 percent at 150.22 (1048GMT).
