ITV has announced its annual profits for 2020, which, as expected, saw the broadcaster’s revenues heavily impacted by the Covid-19 pandemic.
The company reported an 11 per cent drop in advertising revenue for 2020, but said ad revenues in the fourth quarter of the year rose by 3 per cent.
It cited the return of live sport as one of the factors behind the rise in advertising.
However, ITV said the first quarter of 2021 has again been “challenging” due to the lockdowns imposed across the UK at the beginning of the year.
“We are now seeing more positive trends, with March expected to be up around 8 per cent and April expected to be up between 60 per cent and 75 per cent, with the four months to the end of April up between 5 per cent and 7 per cent,” the company said.
Another positive note for ITV is that BritBox UK, which it runs with BBC Studios, is ahead of the company’s business plan after hitting 500,000 subscriptions in January 2021.