UK-based media company ITV saw its earnings on track by the end of the third quarter, with revenue growth recorded across every department.
ITV Studios, the producer-distributor produces reality series Love Island, Hell’s Kitchen and Queer Eye (pictured), boasted a 10% increase in revenue at £1.107 billion (US$1.46 billion), the most significant growth at the company. Meanwhile, the company’s broadcast and online wing saw 2% growth at £1.509 billion. Ad revenue was up 2% at £1,285 billion, while total external revenue jumped up 6% at £2.257 billion.
The update factors in the first nine months of 2018, up to Sept. 30, as compared to the same period in 2017.
Viewership was up across the board, with online viewing at 346 million hours, up 37%, on the ITV Hub, and total viewership across platforms up 5%, at 12.7 billion hours.
The report comes two days after ITV announced the appointment of Chris Kennedy as CFO. Kennedy will assume the role on Feb. 1.
“ITV’s performance in the first nine months of the year was very much as we expected,” said Carolyn McCall, ITV chief executive, in a statement. “This supports our confidence in the robustness of the ITV integrated producer broadcaster model and also reflects the strength and breadth of our content.”
“Over the full year we expect to deliver good growth in total ITV Studios revenues and profit in line with our expectations,” she added. “Organic revenue growth is expected to be around 3% over the full year as a result of no Hell’s Kitchen deliveries in 2018 compared to two in 2017 and Snowpiercer now being delivered in 2019 rather than Q4 2018 as originally anticipated.
“We continue to have a strong pipeline of programs which will be delivered in 2019 and beyond, with entertainment shows in new territories, including Love Island US and Sunday Night Takeaway in Australia, new dramas including World on Fire, Noughts and Crosses, Wild Bill, The Bay and Zero Zero Zero and returning dramas Gormorrah and Line of Duty.”
Other unscripted ITV projects rolling out during the end of 2018 will include I’m A Celebrity… and Dancing On Ice.